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At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January 28, 2019, the Series G may be redeemed at the Company’s option and at any time on or after July 8, 2019, the Series H may be redeemed at the Company’s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. 25 25 2500 2500 25 0.3 10 14 20 10 0.03 0.993 0 0.3 25 14 340 1/1 - 8/30 1/1 - 8/30 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Operating Company Operating Company Vessel Owning Company Operating Company Management Company Vessel Owning Company Operating Company Operating Company 1 1 1 1 1 1 1 1 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 one-for-ten reverse stock split 684000 726000 10000 15609000 179186000 6660000 3727000 19121000 54005000 49488000 35623000 194005000 250187000 278591000 59236000 76680000 72689000 -52000 73112000 80180000 58552000 3364000 3452000 882000 3948000 4310000 3136000 17272000 9384000 32508000 4606000 4032000 3739000 Sub-Holding Company Holding Company 1/1 - 12/31 1/1 - 12/31 1/1 - 8/29 1/1 - 12/31 52820000 128000 264000 392000 382000 745000 505000 200793000 254178000 298052000 215925000 228271000 207634000 208000 0.25 Vessel Owning Company Operating Company Operating Company 1 1 1 1/1 - 9/30 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 1/1 - 8/29 1/1 - 8/29 1/1 - 12/31 1/1 - 12/31 1/1 - 12/31 Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Malta Marshall Is. Marshall Is. Malta Belgium Marshall Is. Luxembourg Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Liberia Liberia Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Panama Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Liberia Delaware Delaware Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. Marshall Is. 12038647 2 3 72 months 0.037 10255000 11067000 13828000 7863000 7746000 7866000 11/30 - 12/31 3/22 - 12/31 9/25 - 12/31 7/4 - 8/29 1/12 - 12/31 1/15 - 12/31 2/13 - 12/31 9/11 - 12/31 1/1 - 12/31 11/7 - 12/31 12/4 - 12/31 10/11 - 12/31 1 1 Marshall Is. Marshall Is. 6/30 – 12/31 6/30 – 12/31 12053000 12053000 0 0 0 0 0 0 60665000 53215000 54744000 253241000 326867000 363333000 73112000 80180000 -52000 3364000 3452000 58552000 3948000 4310000 882000 17272000 9384000 3136000 4606000 4032000 32508000 510000 1009000 3739000 897000 38636000 1361000 0 0 12843414 2022-01-31 0.1125 511367000 -316510000 10000 -144919000 6269000 165474000 27705000 376133000 31342000 7313000 1099000 -199000000 14727000 229865000 58122000 34603100 4.96 0.037 0.963 24400000 6078000 P1Y4M24D -22391000 straight line method 171743000 191000 20000000 2 89925000 12053000 3976000 546000 44088000 5282000 6706000 873000 22858000 3060000 10519000 1204000 5896000 336000 -4118000 752000 -3968000 725000 -150000 27000 3000000 1088000 -1912000 158795000 3212000 6213000 315000 7890000 9802000 -3742000 2527000 57999000 0.0895 1263276 94787000 77041000 94000 950000 69694000 68309000 15366000 16377000 19706000 541000 999000 575000 1552000 708000 4195000 Concentration of credit risk with respect to accounts receivable is limited due to the Company’s large number of customers, who are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company’s trade receivables. 0.131 0.144 0.116 16086000 0.171 0.164 0.112 4616000 5726000 4136000 3826000 2604000 1012000 3625000 1675000 1814965000 1324766000 1021351000 809576000 251641000 253360000 472081000 525712000 536518000 390982000 280004000 182007000 39775000 32628000 164056000 182584000 1278447000 933784000 741347000 627569000 219013000 213585000 308025000 343128000 14360000 19876000 7831000 2553047000 10620000 11897000 4960000 743822000 3740000 7979000 2871000 1809225000 2161000 5845000 3581000 2530000 7284000 18528000 1572000 1056000 66405000 48812000 36438000 -14947000 -4754000 -66007000 -44065000 -35161000 221754000 84499000 -137255000 -14206000 7993000 2016 2016 84,872 dwt 181,259 dwt 274067000 -159834000 114233000 48830000 -48830000 1277000 96678000 2820000 254744000 54101000 200643000 602000 7186000 -6584000 527674000 219034000 308640000 2403000 19038000 -16635000 5632000 2687000 488000 672000 8319000 2524610000 626155000 1898455000 0 0 0 400896000 917000 399979000 24763000 35000 12354000 93789000 -81435000 47148000 493000 -329000 295000 -34000 137000 2018-12-31 2000 74,333 dwt 726000 6950000 2018-08-31 79000000 2018-07-31 2018-03-31 2001 2001 52,063 dwt 52,061 dwt 584000 481000 8085000 7682000 53,464 dwt 171,191 dwt 2007 2000 10980000 10255000 12130000 10255000 1456000 2010 2010 11098000 13422000 398000 522000 2018-11-30 6,6 hectares 26000 26000 49421000 49421000 411265000 198866000 -212399000 24728000 46655000 93858000 4,360 TEU 4,360 TEU 376133000 375251000 -882000 376133000 375251000 -882000 411265000 -212399000 198866000 101717000 -101717000 4747000 14735000 44000 14691000 -629000 -629000 26000 26000 137000 629000 629000 49421000 49421000 -2064000 866000 -1198000 1715000 7497000 -5782000 53097000 649000 52448000 0 0 0 -329000 295000 -6213000 11628000 83589000 -71961000 67832000 693000 67139000 274067000 -159834000 114233000 -16270000 8859000 -7411000 1809195000 532681000 1276514000 55,180 dwt 2003 7497000 611000 2020-01-31 9891000 2019-09-30 2019-08-30 53,553 dwt 2002 6664000 490000 -1673000 -7429000 -4849000 -5402000 -2759000 -6595000 -6715000 1784000 11520000 2019-05-31 2003 2002 2002 2019-07-31 2019-06-30 2019-03-31 53,514 dwt 50,296 dwt 50,316 dwt 7105000 6860000 6790000 -5149000 -10039000 -5531000 685000 673000 778000 2011 10,000 TEU 53097000 77,095 dwt 2014 17760000 0.75 P5Y 16696000 1105000 458000 455708000 446645000 9063000 455708000 446645000 9063000 14735000 14735000 398000 22385000 458000 21927000 -153000 -153000 253962000 46961000 207001000 869000 7216000 -6347000 -87000 76000 -11000 526051000 200756000 325295000 18278000 -16347000 -308000 -308000 -34000 4565000 62604000 -58039000 96678000 2820000 93858000 221754000 -137255000 84499000 -548000 76000 -472000 1600313000 460774000 1139539000 1931000 611000 631000 53,468 dwt 181,336 dwt 75,395 dwt 75,395 dwt 76,662 dwt 55,222 dwt 2021-02-28 2020-09-30 2020-09-30 2020-08-31 2020-05-31 2020-02-29 2006 2014 2005 2005 2002 2003 6644000 51000000 6885000 6860000 6450000 9131000 -6288000 -7683000 -4478000 -4489000 -5697000 -5551000 98000 1747000 258000 404000 2020-06-30 93,062 dwt 79,642 dwt 2011 2011 24883000 36684000 36684000 2020-03-31 2020-01-31 35111000 35111000 2015 2015 181,249 dwt 180,528 dwt 1551000 723000 1285000 -184000 0 0 0 4378000 2,3 hectares 4273000 19000 101717000 48830000 87823000 156000 87823000 156000 87823000 19000 48830000 101717000 87823000 90000000 53152000 35490000 31342000 178642000 40357000 12837000 21294000 16855000 74488000 49643000 40315000 14196000 14487000 104154000 90000000 53152000 35490000 178642000 43175000 13835000 23069000 80079000 46825000 39317000 12421000 98563000 2818000 2811000 2811000 998000 999000 950000 1775000 1774000 1774000 5591000 5584000 5535000 2811000 995000 1775000 5581000 2811000 995000 1775000 5581000 2811000 995000 1775000 5581000 2818000 995000 1775000 5588000 2811000 995000 1775000 5581000 32763000 34342000 3546000 70651000 46825000 39317000 12421000 98563000 31342000 -16855000 14487000 0 489028000 89025000 -13081000 -62134000 -18575000 0.02 0.02 77904000 101492000 5466000 13526000 16171000 39133000 35116000 23186000 0 0 170000 0.35 0.5 Navios Holdings, until the sale of its investment, had a 50% interest in Acropolis. Although Navios Holdings owned 50% of Acropolis’ stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends would be allocated 35% to the Company with the balance to the other shareholder. 68793000 79477000 13129000 -11098000 -43378000 15033000 19894000 5838000 4379000 5838000 10 14 6763000 9419000 0 5128000 4750000 6650000 0 6650000 0 1775000 On an ongoing basis, Navios Europe I was required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans I) according to a defined waterfall calculation. 10000000 14000000 43500000 24100000 14000000 On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. -30203000 1449000 2692000 2068000 10057645 5 50288000 5000000 30000000 0.017 0.068 155000 2682000 0 13543000 33000 222000 189000 15033000 245658000 1173117000 -65707000 -82233000 0 55524000 1370044 27960 0.02 64000 18422000 0.02 714000 29888 0.02 27000 1464494 500000 866000 30000000 2032000 417000 500000 3000 1000000 1-for-15 reverse stock split 50000000 P2Y 4694279 380952 7775 8000 2070216 0.179 500000 130000 46000 5179000 7507000 5000000 232159000 13368000 0 2812000 30728000 41357000 7573000 0 30402000 44051000 27431000 18109000 60780000 140605000 16684000 0 75990000 114008000 32249000 29450000 1146489000 1428392000 414106000 0 1177527000 1441947000 179688000 430852000 253252000 805860000 39862000 0 79784000 241939000 57078000 71397000 486857000 1076587000 299187000 433280000 199383000 0 445714000 1000164000 163123000 198925000 231361000 187946000 34885000 49870000 226771000 361438000 127188000 17059000 219379000 280117000 36822000 46718000 141532000 -22881000 -12899000 -13081000 -82233000 -3197000 -12169000 -68541000 27465000 3348000 -26661000 -62134000 -65707000 -18575000 -30203000 7507000 0 0 0 44300000 -6650000 5000000 13420000 Navios Containers 8133452 0.39 2021-01-04 2021-03-31 0.126 0.025 6671000 6701000 55650000 35926000 1344000 0 225000 234000 7911000 8002000 470000 317000 264000 0 9945000 11475000 11100000 12600000 11400000 12900000 4504000 41073000 0 5556000 20200000 22000000 12925000 14025000 305000000 305000000 476822000 497604000 1052683000 1061397000 0 375000000 17842000 22469000 560035000 520359000 1612718000 1581756000 28289000 18509000 1210238000 1513137000 380308000 592231000 50346000 46683000 507925000 35225000 305000000 2017-11-21 0.97 650000000 2013-11-29 0.07375 1.01 375000000 2014-04-22 0.0725 2022-05-01 LIBOR (90 days) plus 315 basis points 7000000 LIBOR plus 475 basis points P4Y 0.01 2009-10-29 817000 monthly 46000 6000 0.06 41964000 semi-annual six-month LIBOR 5949000 16 LIBOR (180 days) plus 325 basis points 0.0325 40000000 0.0275 LIBOR plus 275 basis points 2010-09-30 2011-08-31 23000000 0.0275 LIBOR plus 275 basis points 8850000 semi-annual 5000 750000 2011-12-31 23000000 0.0325 9150000 LIBOR plus 325 basis points 3000 semi-annual 750000 2013-12-20 22500000 0.03 LIBOR plus 300 basis points 2021-08-31 2012-03-23 42000000 2 quarterly 0.0325 2 268000 3968000 LIBOR plus 325 basis points 2014-06-27 2013-09-30 40000000 2021-09-30 2016-01-31 41000000 0.0255 LIBOR plus 255 basis points 39900000 2 2014-11-06 31000000 quarterly 0.03 8 450000 16600000 LIBOR plus 300 basis points 2016-11-03 16125000 0.03 10725000 LIBOR plus 300 basis points 2017-05-23 15300000 quarterly 0.03 3 383000 8798000 LIBOR plus 300 basis points 2 0.0789 0.077 0.0778 The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or certain of its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels securing such facilities; changing the flag, class, management or ownership of certain Navios Holdings’ vessels; changing the commercial and technical management of certain Navios Holdings’ vessels; selling or changing the ownership of certain Navios Holdings’ vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, the credit facilities require compliance with the covenants contained in the indentures governing the 2022 Senior Secured Notes, the 2022 Notes and the 2024 Notes (as defined herein). Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or if Angeliki Frangou and her affiliates, together, own less than 20% of the outstanding share capital of Navios Holdings. The guarantees of the Company’s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company’s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to redeem the 2022 Notes in whole or in part at par. Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 Notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of December 31, 2020. The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers’ properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of December 31, 2020. 1.35 30000000 1.2 0.75 0.8 The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August 10, 2021. 2021-08-31 35661000 28796000 6464000 2018-02-14 28745000 0.028 LIBOR plus 280 basis points 3 15245000 6750000 6750000 6810000 2813000 2813000 6 6 6 semi-annual semi-annual semi-annual 1205000 563000 563000 31769000 quarterly 8 275000 0.0675 2020-08-17 2017-05-18 2016-12-15 1 1 2 4 2 1 1 1 1 1 1 2 23 drybulk vessels 8626000 8626000 81235000 50683000 35500000 17642000 20782000 9443000 11204000 7410000 14000000 10129000 2019-03-21 2019-04-21 0.0975 10930 8841 1 5556000 2020-02-28 LIBOR (180 days) plus 325 basis points 0.0325 2022-03-31 3808000 3100000 0.0315 0.0475 26000000 16000000 30000000 2021-06-30 374191000 50110000 0 0 115000 100000000 0 98000000 7615000 6200000 monthly 24 9100000 10500000 14000000 20 quarterly 0 14275000 25000000 25000000 quarterly quarterly 20 3879000 4747000 LIBOR plus 293 basis points 2019-08-29 141795000 78901000 130538000 13420000 2017-11-03 2018-08-17 14250000 15251000 526000 2020-07-08 2025-07-01 0.1075 19414000 17 drybulk vessels 22000000 -1496000 47430000 358000 1.01 0.0293 0.9 2020-12-31 13475000 6 6 quarterly 0.085 176000 11047000 20 11229000 33003000 13625000 97500000 38556000 50326000 0 500000000 0 22000000 0 11047000 0 0 2020-06-30 50000000 326000 28582000 38556000 68000000 144000 224000 238000 2031-12-31 2032-03-31 750000 750000 18 487504000 375000000 1.1075 0.35 1 1 25979000 66862000 62934000 0 -2661000 2020-07-16 1 500000000 50000000 94881000 16303000 222000 0 1054616000 -193043000 0 191636000 262030000 77991000 736000 189000 24495000 875228000 -264498000 -5000000 222000 222000 222000 38054000 31410000 77991000 77991000 736000 736000 24495000 24495000 -875228000 -866602000 -264498000 -264498000 -5000000 -5000000 94881000 16303000 -193043000 -193043000 16303000 94881000 189000 189000 189000 189000 189000 222000 222000 222000 189000 5328000 5328000 0 62397000 7497000 54900000 -8626000 92013000 89945000 89945000 129227000 -129227000 -130538000 -130538000 -130538000 130538000 5328000 10018000 6644000 10018000 -1054616000 -1045990000 -8626000 -129227000 -129227000 48072000 6644000 41428000 152342000 7497000 144845000 59108000 0 0 0 0 0 1263566000 1170679000 0 790458 29.8 P3Y9M18D 7539000 -1843000 661977 28.2 P3Y4M10D 5696000 116667 529768 26.6 P2Y11M16D 5014000 462293 17.9 P2Y3M1D 382380 2453000 P1Y8M19D 2858000 701731 P3Y1M2D 9059000 863000 3425000 709710 693389 P3Y1M10D 6490000 476000 1595000 P2Y3M25D 5329000 0 73000 132000 0 0 36000 1268000 2885000 4556000 Black-Scholes method 0 0 0 14319 15356 2925 13058 13058 4.5 years P3Y P2Y P7Y 0.8471 0.5517 0.0181 0.0146 0 0 0 12.7 0 0 0 3 0.333 0.333 0.334 3815000 -67475 -132209 -128481 167515 287500 309664 279071 180469 136011 83333 83333 116667 136011 3367 -42000 -682000 2.84 -1199000 450 -7000 1345 -17000 0 0 0 666000 P2Y2M3D 10000 10000 12000000 Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March 1, 2022. 81,789 dwt 2705000 6704000 5410000 82,036 dwt 81,946 dwt 82,037 dwt 8340000 2795000 2910000 14070000 7193000 7506000 11140000 5590000 5820000 2017-12-31 2018-01-31 2018-04-30 2018-10-31 P10Y P10Y P10Y P10Y 2800000 81,516 dwt 2795000 P10Y 2910000 847000 519000 On July 22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energías Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for the amounts of $847 and $519, respectively. 2020-03-30 2019-08-28 2019-11-28 2020-01-17 2020-05-15 4140000 3 1380000 1380000 1380000 4102000 0.0725 47064000 7660000 7878000 7660000 7878000 1192000 510000 1192000 510000 255153000 219574000 8852000 8388000 7878000 8077000 7878000 8077000 519000 181000 519000 181000 217932000 185092000 8397000 8258000 685000 338000 685000 338000 86636000 81276000 467000 139000 -218000 -218000 255153000 219574000 255153000 219574000 86636000 81276000 86636000 81276000 217932000 185092000 217932000 185092000 100690000 556000 356000 63995000 556000 101000 54148000 556000 81000 39788000 556000 0 19076000 556000 0 45934000 22446000 0 323631000 25226000 538000 266367000 7878000 519000 57264000 17348000 19000 117562000 3865000 121427000 131438000 114000 131552000 552000 552000 344000 344000 1825000 676000 2501000 2174000 702000 2876000 119387000 5093000 124480000 133612000 1160000 134772000 94545000 6587000 101132000 600000 600000 94545000 7751000 102296000 0.0825 36850000 119181000 0 95041000 0 82671000 0 71458000 0 71427000 0 583645000 36850000 1023423000 564000 564000 -199000 -199000 0 43516000 P1M6D P9Y6M P45Y2M12D P45Y6M27D P6M P2Y9M18D P4Y6M P4Y10M23D P46Y3M18D P45Y3M7D P1Y10M24D P1Y6M 20000000 763000 1000000 December 2021 0 6285000 1842000 1828000 0.2 Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (“Midstream General Partner”), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of December 31, 2020, Navios Holdings had not exercised any part of that option. 76000 76000 0 0 0 0 0 20712000 16938000 1754981 0 0 651000 381000 10000000 2019-04-25 50000000 500000 12.75% 14.75% 0.05 P5Y 526000 22552000 45487000 3700 30 2024-08-29 0.03 22114000 1353000 20000000 P5Y 2952000 10.00% 18726000 7558000 13154000 141795000 47000000 20000000 10000000 0.07 0.07 13420000 128375000 0 2019-08-29 quarterly 5328000 1460000 13420000 1144000 9371000 0 14372000 5000000 2163000 31500000 18500000 78375000 10328000 2024-12-31 0 243000 5000000 5000000 5000000 0 206427000 149184000 15750000 0 5000000 5000000 43500000 0.127 14000000 0.18 326000 50000000 2020-06-30 0.05 0.07 50000000 16226000 quarterly 0 0 70000000 2414263 2308000 25222000 1345 3379 825 334 85000 5350 17682 210 25000000 94858 114791 818000 1070000 0.0025 84336 656 287500 825 23870 10 10000000 75 12568000 16365000 3879000 4747000 997000 6798000 7678000 4423000 4188000 21271000 26297000 8841 10930 1471000 14711 916000 9159 41 620000 1980 1309 825 3289 6 1712 171000 210 2000000 4800000 151515 16000 23032 23242 5350 17682 15881147 13360356 128434137 120386472 6381000 27500000 2308000 9948000 2414263 17552000 16000 287500 2414263 128696000 125496000 129941000 0 237000 109000 298052000 207634000 200794000 215924000 254178000 228271000 8231000 517000 8748000 48000 209000 257000 9610000 1052000 10662000 70472000 29307000 42076000 28939000 52288000 29435000 -80205000 -1293000 -9185000 -273125000 4380000 -192207000 -754000 -209096000 16986000 1558581000 677343000 1316936000 654389000 1511517000 631338000 56240000 104096000 56240000 104096000 -41003000 -19879000 -85645000 -99068000 -8441000 -107509000 -36628000 -7943000 -44571000 91111000 0 56988000 0 64352000 0 44452000 76472000 20011000 74870000 32386000 45605000 10958000 16303000 736000 1063762000 530186000 1816007000 1043839000 540590000 1584429000 1048318000 514929000 1563247000 0 2259000 4248000 132582000 179009000 142688000 63610000 67468000 135614000 218442000 232394000 208751000 28000 1319000 26438000 509283000 536342000 627569000 741347000 736000 64352000 2142855000 28972000 16991000 12053000 -579000 0 3060000 0 27000 446572000 0 -24763000 0 16958000 1934000 222059000 16303000 94881000 4046000 98247000 39669000 1204000 88237000 48322000 92948000 40531000 1971325000 56988000 517739000 416718000 482449000 28393000 16991000 139120000 136559000 133479000 102839000 71015000 81723000 -80205000 -1293000 -9185000 -268718000 -192961000 -192110000 2682496000 160336000 160336000 160336000 91111000 137882000 77991000 12892000 2055000 0 0 4046000 0 0 5144000 7178000 10241000 0 45680000 0 569998 843097 664709 1549 227496 349900 166000 0 0 0.01 0.02 0.02 0.03 0.1 0.01 0.1 Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. 0.34 0.5 0.3 0.35 0.3 0.3 0.3 5762000 7745000 7056000 2011 2012 2012 2006 Handysize Panamax Panamax Ultra-Handymax 34,690 dwt 81,472 dwt 81,355 dwt 53,468 dwt 10388000 39250000 6445000 Q2 2021 -6958000 -13498000 22500000 4504000 9945000 30000000 15000000 15000000 3 annual 0.05 2011 Capesize Q2 2021 28500000 <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 1: </font><font style="font-family:'Times New Roman'; font-weight:bold">DESCRIPTION</font><font style="font-family:'Times New Roman'; font-weight:bold"> OF BUSINESS </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Maritime Holdings Inc. (&#8220;Navios Holdings&#8221; or the &#8220;Company&#8221;) (NYSE:NM) is a global seaborne shipping and logistics company </font><font style="font-family:'Times New Roman'">focused</font><font style="font-family:'Times New Roman'"> on the transport and transshipment of dry bulk commodities, including iron ore, coal and grain. </font></p><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios</font><font style="font-family:'Times New Roman'"> South American Logistics Inc. (&#8220;Navios Logistics&#8221;), a consolidated subsidiary of the Company, was incorporated under the laws of the Republic of the Marshall Islands on December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">17, 2007. Navios Logistics believes it is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics is focused on providing its customers integrated transportation, storage and related services through its port facilities, its large, versatile fleet of dry and liquid cargo barges and its product tankers. Navios Logistics serves the needs of a number of growing South American industries, including mineral and grain commodity providers as well as users of refined petroleum products. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Holdings owned 63.8% of Navios Logistics&#8217; stock. </font></p><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Containers </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios</font><font style="font-family:'Times New Roman'"> Maritime Containers L.P. (&#8220;Navios Containers&#8221;) (NASDAQ: NMCI) is a growth-oriented international owner and operator of containerships. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">On November</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">30, 2018, Navios Maritime Containers Inc. was converted into a limited partnership named Navios Containers. Upon this conversion, Navios Containers commenced trading its common units on the Nasdaq Global Select Market (or &#8220;NASDAQ&#8221;) on December 10, 2018. In connection with the conversion, Navios Maritime Containers GP LLC, a Republic of the Marshall Islands limited liability company and wholly-owned subsidiary of Navios Holdings, was admitted as Navios Containers&#8217; general partner. As of that date, as a result of holding the general partner interest,</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">which had the power to govern the financial and operating policies of Navios Containers, Navios Holdings obtained control over Navios Containers and consequently the results of operations of Navios Containers were consolidated under Navios Holdings. Following the sale of Navios Containers&#8217; general partnership interest effected on August</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">30, 2019, referred to in Note 3, Navios Holdings lost control and deconsolidated Navios Containers from that date onwards. The results of operations of Navios Containers for the period consolidated under Navios Holdings have been reported as discontinued operations for the periods from January 1, 2019 to August 30, 2019 and from November 30, 2018 to December 31, 2018. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As a result, from August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, Navios Containers is not a controlled subsidiary of the Company and the investment in Navios Containers is accounted for under the equity method due to Navios Holdings&#8217; significant influence over Navios Containers. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Holdings had a 3.9% ownership interest in Navios Containers.</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Following the acquisition of Navios Containers by Navios Partners, which was completed on March 31, 2021, Navios Containers&#8217; common units were no longer listed for trading on NASDAQ. (Refer to Note 9). </font></p><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Partners </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Maritime Partners L.P. (&#8220;Navios Partners&#8221;) (NYSE:NMM) is an international owner and operator of dry cargo vessels and is engaged in seaborne transportation services of a wide range of dry cargo commodities including iron ore, coal, grain, fertilizer and also containerships, chartering its vessels under medium to longer-term charters. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and following the sale of Navios Partners&#8217; general partnership interest, referred to in Note 3, Navios Holdings had a 17.9% ownership interest in Navios Partners. Incentive distribution rights are held by a consolidated subsidiary of Navios Holdings.</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On March 31, 2021, Navios Partners completed the acquisition of Navios Containers (Refer to Note 9). </font></p><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios</font><font style="font-family:'Times New Roman'; font-style:italic"> Acquisition </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Maritime Acquisition Corporation (&#8220;Navios Acquisition&#8221;) (NYSE: NNA), is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Holdings owned a 29.5% economic interest in Navios Acquisition. </font></p><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Europe</font><font style="font-family:'Times New Roman'; font-style:italic"> I </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On October</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">9, 2013, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe Inc. (&#8220;Navios Europe I&#8221;) and had economic interests of 47.5%, 47.5% and 5.0%, respectively. Navios Europe I was engaged in the marine transportation industry through the ownership of five tanker and five containership vessels. Effective November 2014, Navios Holdings, Navios Acquisition and Navios Partners had voting interests of 50%, 50% and 0%, respectively. Navios Europe I was liquidated in December 2019 (Refer to Note 16). </font></p><p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Europe II </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe (II)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Inc. (&#8220;Navios Europe II&#8221;) and had economic interests of 47.5%, 47.5% and 5.0%, respectively and voting interests of 50%, 50% and 0%, respectively. Navios Europe II was engaged in the marine transportation industry through the ownership of seven dry bulk and seven containership vessels. On April 21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. 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line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ownership</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Country</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">of</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="5" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Statements of Operations</font></p></td></tr><tr style="height:12.15pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Company Name</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Nature</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Interest</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Incorporation</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Holdings Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios South American Logistics Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63.8</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Containers L.P.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3.7</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#8211;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11/30</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios International Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navimax Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Malta</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Anemos Maritime Holdings Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">NAV Holdings Limited</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Malta</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:38.25pt"><td style="width:26.28%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kleimar N.V.</font></p></td><td style="width:2.34%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Company/</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Owning</font><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Company/</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:1.58%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Belgium</font></p></td><td style="width:1.08%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kleimar Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#8211;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Bulkinvest S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Luxembourg</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Primavera Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Astra Maritime Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Achilles Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kypros Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Meridian Shipping Enterprises Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Owning</font><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mercator Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Arc Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Horizon Shipping Enterprises Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rondine Management Corp</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">.</font></p></td><td style="width:2.34%; vertical-align:bottom; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">9/30</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3/22</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vernazza Shiptrade Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1 - 12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9/25-12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Corporation Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7/4 -8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.65pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Beaufiks Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Nostos Shipmanagement Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Portorosa Marine Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Shikhar Ventures S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sizzling Ventures Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rheia Associates Co.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; 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line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rumer Holding Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pharos Navigation S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pueblo Holdings Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Quena Shipmanagement Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Aramis Navigation Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">White Narcissus Marine S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Panama</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios GP L.L.C.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Red Rose Shipping Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Highbird Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Ducale Marine Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vector Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Faith Marine Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:11.7pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Maritime</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Finance</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(US)</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Delaware</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Finance II (US) Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Delaware</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tulsi Shipmanagement Co.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cinthara Shipping Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rawlin Services Company</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mauve International S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Serenity Shipping Enterprises Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mandora Shipping Ltd</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Solange Shipping Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Diesis Ship Management Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Holdings Europe Finance Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Asia LLC</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Iris Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Jasmine Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:21.95pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Emery Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">9/30</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lavender Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/30</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/30</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Roselite Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; 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margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Smaltite Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Motiva Trading Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Alpha Merit Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Thalassa Marine S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Asteroid Shipping S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/12</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cloud Atlas Marine S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/15</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Heodor Shipping Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2/13</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Containers GP LLC</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9/11</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pacifico Navigation Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11/7</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rider Shipmanagement Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12/4</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Talia Shiptrade S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10/11-12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Moonstone Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6/30 &#8211; 12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Opal Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6/30 &#8211; 12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:0pt"><td style="width:123pt"></td><td style="width:10.9pt"></td><td style="width:75.55pt"></td><td style="width:7.4pt"></td><td style="width:4.05pt"></td><td style="width:14.3pt"></td><td style="width:15pt"></td><td style="width:0.8pt"></td><td style="width:10pt"></td><td style="width:5.7pt"></td><td style="width:1.65pt"></td><td style="width:44pt"></td><td style="width:5.05pt"></td><td style="width:46pt"></td><td style="width:5.5pt"></td><td style="width:45.75pt"></td><td style="width:4.35pt"></td><td style="width:49pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:490.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:12pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Proceeds received:</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:12pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:12pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;&#xa0; </font><font style="font-family:Arial">Cash consideration</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">3,000</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:10pt"><font style="font-family:Arial">Less: Transaction fees</font></p></td><td style="width:6.6pt; 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:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.3pt; 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:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(1,088)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,912</font></p></td></tr><tr style="height:16pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Carrying value of assets and liabilities:</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Net liabilities derecognized</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">158,795</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Loan payable to NSM assumed</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(141,795)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Book value of general partner interest in Navios Partners</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(3,212)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Book value of Other fixed assets</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(6,213)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Lease liability, net</font></p></td><td style="width:6.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">315</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; 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"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; 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"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,890</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Gain on sale</font></p></td><td style="width:6.6pt; 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:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.3pt; 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:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">9,802</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:18.05pt"><td style="width:267.15pt; vertical-align:bottom"><p style="margin-top:12pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:12pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period from January 1 to August</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period from November 30 to December 31, 2018</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">89,925</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Time charter, voyage and port terminal expenses</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,976)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(546)</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Direct vessel expenses</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44,088)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,282)</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">General and administrative expenses</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,706)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(873)</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(22,858)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,060)</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and finance cost</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(10,519)</font></p></td><td style="width:2.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:28.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,204)</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other expense, net</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,896)</font></p></td><td style="width:2.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:28.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(336)</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Net (loss)/income from discontinued operations</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(4,118)</font></p></td><td colspan="2" style="width:5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">752</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: Net loss/(income) attributable to the noncontrolling interest</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,968</font></p></td><td colspan="2" style="width:5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(725)</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Net (loss)/income attributable to Navios Holdings common stockholders</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(150)</font></p></td><td colspan="2" style="width:5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">27</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:267.15pt"></td><td style="width:26.1pt"></td><td style="width:26.5pt"></td><td style="width:37.3pt"></td><td style="width:2.85pt"></td><td style="width:2.15pt"></td><td style="width:26.1pt"></td><td style="width:26.5pt"></td><td style="width:37.3pt"></td><td style="width:5.15pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:211.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Weighted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(years)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:55.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">per Year</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:211.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Favorable lease terms</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1.4</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(22,391)</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash on hand and at banks</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,787</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,041</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Short-term deposits and highly liquid funds</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">950</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Cash and cash equivalents and restricted cash</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">111,184</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">78,727</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:237.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:55.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td colspan="3" style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accounts receivable</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">69,694</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">68,309 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:237.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: Allowance for credit losses</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(15,366)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,377)</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:237.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Accounts receivable, net</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:49.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">54,328</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td colspan="2" style="width:38.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">51,932</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:237.2pt"></td><td style="width:23pt"></td><td style="width:14.3pt"></td><td style="width:49.5pt"></td><td style="width:7.8pt"></td><td style="width:23pt"></td><td style="width:18.7pt"></td><td style="width:36.95pt"></td><td style="width:1.9pt"></td><td style="width:1pt"></td><td style="width:5.1pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:29.7pt"><td style="width:218.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Allowance for credit losses</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:54pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Beginning</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:45.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Charges</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">to</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Costs and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expenses</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amount</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Utilized</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:45.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">End of</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Year ended December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2018</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19,706</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(575</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,195</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,086</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.1pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Year ended December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2019</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,086</font></p></td><td style="width:7.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">) </font></p></td><td style="width:12.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:26.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(999</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">708</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,377</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Year ended December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2020</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,377</font></p></td><td style="width:7.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">) </font></p></td><td style="width:12.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(541</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,552</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(15,366</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Prepaid voyage and operating costs</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,616</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,726</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Claims receivable</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,136</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,826</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Prepaid other taxes</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,604</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,012</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,625</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,675</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.25pt"><td style="width:242.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total prepaid expenses and other current assets</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">14,981</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">12,239</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:57.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Vessels</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.28%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,814,965</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(536,518)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,278,447</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">398</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(66,405)</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(66,007)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(411,265)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">212,399</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(198,866)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717)</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,385</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(458)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">21,927</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,324,766</font></p></td><td style="width:1.28%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(390,982)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">933,784</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,747</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,812)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44,065)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(274,067)</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">159,834</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(114,233)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,735</font></p></td><td style="width:1.28%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44)</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,691</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,021,351</font></p></td><td style="width:1.28%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(280,004)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">741,347</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,277</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(36,438)</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(35,161)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(221,754)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137,255</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(84,499)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">96,678</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,820)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">93,858</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(153)</font></p></td><td style="width:1.28%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(153)</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">809,576</font></p></td><td style="width:1.28%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(182,007)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">627,569</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:57.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Port Terminals (Navios Logistics)</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">251,641</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(32,628</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">219,013</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,530</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,284</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(4,754</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers from oil storage plant and port facilities for liquid cargoes</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(629</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(629</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers to other long-term assets</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.25pt"><td style="width:57.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(156</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">253,360</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(39,775)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">213,585</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">602</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,186)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,584)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">253,962</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(46,961)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">207,001</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">869</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,216)</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,347) </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">76</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(11)</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">254,744</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(54,101)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">200,643</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Tanker vessels, barges and pushboats (Navios Logistics)</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">472,081</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(164,056</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">308,025</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,581</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(18,528</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(14,947</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">629</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">629</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.25pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers from deposits for vessels, port terminal and other fixed assets, net</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">525,712</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(182,584</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">343,128</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,403</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19,038)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,635)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,064)</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">866</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,198)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">526,051</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(200,756)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">325,295</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,931</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(18,278)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,347)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(308)</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(308)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">527,674</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(219,034)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">308,640</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containerships (Navios Containers)</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels upon obtaining control</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">376,133</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(882</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">375,251</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,763</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(35</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,728</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">400,896</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(917</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">399,979</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,715</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,497)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,782)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">53,097</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(649)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">52,448</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers Deconsolidation</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(455,708)</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,063</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(446,645)</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212; </font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Other fixed assets</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">14,360</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(10,620</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3,740</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,845</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,572</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,273</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(329)</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">295</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(34)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">19,876</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(11,897</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,979</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,161</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,056</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,105</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(14,206</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,993</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,213)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,831</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(4,960</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,871</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">488</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(672</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(184)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,319</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(5,632</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,687</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,553,047</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(743,822</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,809,225</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels upon obtaining control</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">376,133</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(882</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">375,251</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.35pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,354</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(93,789</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(81,435</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">47,148</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(493</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,655</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(411,265</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">212,399</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(198,866</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(156</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(329</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">295</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(34</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.25pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers from deposits for vessels, port terminals and other fixed assets</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers to other long-term assets</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,524,610</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(626,155</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,898,455</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,628</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(83,589)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(71,961)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">67,832</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(693)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">67,139</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(274,067)</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">159,834</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(114,233)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,270)</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,859</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,411)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers Deconsolidation</font></p></td><td style="width:0.96%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(455,708)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,063</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(446,645)</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,809,195</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(532,681)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,276,514</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,565</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(62,604)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(58,039)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">96,678</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,820)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">93,858</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(221,754)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137,255</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(84,499)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(548)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">76</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(472)</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,600,313</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(460,774)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,139,539</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Prepaid</font><font style="font-family:'Times New Roman'"> expenses and other current assets consisted of the following:</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:242.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_1d9e5512937d49a4ade199eac7b71c04"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Prepaid voyage and operating costs</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,616</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,726</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Claims receivable</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,136</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,826</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Prepaid other taxes</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,604</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,012</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:242.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,625</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,675</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.25pt"><td style="width:242.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total prepaid expenses and other current assets</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">14,981</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:27.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">12,239</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Claims </font><font style="font-family:'Times New Roman'">receivable</font><font style="font-family:'Times New Roman'"> mainly represents claims against vessels&#8217; insurance underwriters in respect of damages arising from </font></p><p style="margin-top:0pt; margin-left:28.35pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles. </font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 7: VESSELS, PORT TERMINALS AND OTHER FIXED ASSETS, NET </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:57.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_ac4f35414e1f46d3ad106a721ce2c9d4"><font style="font-family:Arial; font-weight:bold">Vessels</font></a></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.28%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,814,965</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(536,518)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,278,447</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">398</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(66,405)</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(66,007)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(411,265)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">212,399</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(198,866)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717)</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,385</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(458)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">21,927</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,324,766</font></p></td><td style="width:1.28%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(390,982)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">933,784</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,747</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,812)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44,065)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(274,067)</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">159,834</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(114,233)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,735</font></p></td><td style="width:1.28%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44)</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,691</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,021,351</font></p></td><td style="width:1.28%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(280,004)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">741,347</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,277</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(36,438)</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(35,161)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(221,754)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137,255</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(84,499)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">96,678</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,820)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">93,858</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(153)</font></p></td><td style="width:1.28%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(153)</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">809,576</font></p></td><td style="width:1.28%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(182,007)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">627,569</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:57.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Port Terminals (Navios Logistics)</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">251,641</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(32,628</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">219,013</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,530</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,284</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(4,754</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers from oil storage plant and port facilities for liquid cargoes</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(629</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(629</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers to other long-term assets</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.25pt"><td style="width:57.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(156</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">253,360</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(39,775)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">213,585</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">602</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,186)</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,584)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">253,962</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(46,961)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">207,001</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">869</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,216)</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,347) </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87)</font></p></td><td style="width:1.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">76</font></p></td><td style="width:1.74%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.88%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(11)</font></p></td><td style="width:1.56%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr><td style="width:57.78%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.84%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:9.6%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">254,744</font></p></td><td style="width:1.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.6%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.46%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(54,101)</font></p></td><td style="width:1.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.88%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">200,643</font></p></td><td style="width:1.56%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Tanker vessels, barges and pushboats (Navios Logistics)</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">472,081</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(164,056</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">308,025</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,581</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(18,528</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(14,947</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">629</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">629</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.25pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers from deposits for vessels, port terminal and other fixed assets, net</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">525,712</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(182,584</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">343,128</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,403</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19,038)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,635)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,064)</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">866</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,198)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">526,051</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(200,756)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">325,295</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,931</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(18,278)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,347)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(308)</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(308)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">527,674</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(219,034)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">308,640</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containerships (Navios Containers)</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels upon obtaining control</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">376,133</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(882</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">375,251</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,763</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(35</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,728</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">400,896</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(917</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">399,979</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,715</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,497)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,782)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">53,097</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(649)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">52,448</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers Deconsolidation</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(455,708)</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,063</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(446,645)</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212; </font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Other fixed assets</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">14,360</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(10,620</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3,740</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,845</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,572</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,273</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(329)</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">295</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(34)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">19,876</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(11,897</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,979</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,161</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,056</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,105</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(14,206</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,993</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,213)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,831</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(4,960</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,871</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">488</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(672</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(184)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,319</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(5,632</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,687</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:100%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Depreciation</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net Book</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,553,047</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.72%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(743,822</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,809,225</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels upon obtaining control</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">376,133</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(882</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">375,251</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.35pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,354</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(93,789</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(81,435</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">47,148</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(493</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,655</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(411,265</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">212,399</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(198,866</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(101,717</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(156</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(329</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">295</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(34</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.25pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers from deposits for vessels, port terminals and other fixed assets</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,421</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Transfers to other long-term assets</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(26</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,524,610</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(626,155</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">)</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,898,455</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,628</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(83,589)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(71,961)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">67,832</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(693)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">67,139</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(274,067)</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">159,834</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(114,233)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,830)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,270)</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,859</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,411)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers Deconsolidation</font></p></td><td style="width:0.96%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(455,708)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,063</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(446,645)</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,809,195</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(532,681)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,276,514</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Additions</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,565</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(62,604)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(58,039)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel acquisition</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">96,678</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,820)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">93,858</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel impairment</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(221,754)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137,255</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(84,499)</font></p></td><td style="width:1.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel disposals</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(87,823)</font></p></td><td style="width:1.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Write offs</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.2%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(548)</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.58%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.26%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">76</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.68%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(472)</font></p></td><td style="width:1.12%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:59.86%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Balance December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.96%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:2.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:10.36%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,600,313</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:2.58%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:8.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(460,774)</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.44%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.68%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,139,539</font></p></td><td style="width:1.12%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Deposits</font><font style="font-family:'Times New Roman'; font-style:italic"> for Vessels and Port Terminals Acquisitions </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On </font><font style="font-family:'Times New Roman'">November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2019, Navios Logistics entered into a shipbuilding contract, for the construction of six liquid barges for a total </font><font style="font-family:'Times New Roman'">consideration</font><font style="font-family:'Times New Roman'"> of $17,760. Pursuant to this contract, Navios Logistics has secured the availability of credit for up to 75% of the purchase price, and up to a five-year repayment period starting from the delivery of each vessel. Five barges were delivered in the fourth quarter of 2020 and the remaining barge was delivered during the first quarter of 2021. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Logistics had paid $16,696, for the construction of these barges, which are included within &#8220;Other long-term assets&#8221;. Capitalized interest included within &#8220;Other long-term assets&#8221; amounted to $611 as of December 31, 2020. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As </font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'"> December 31, 2020 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, Navios Logistics had paid $631 and $458, respectively, for capitalized expenses for the development of its port operations in Port Murtinho region, Brazil. </font><font style="font-family:'Times New Roman'">As of December 31, 2020, Navios Logistics had paid $1,285 for the construction of two new tanks in its liquid port terminal.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, Navios Logistics had paid $1,551 for the acquisition of three pushboats and 18 liquid barges.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, Navios Logistics had paid $723 for the construction of a crane in its grain port terminal.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Impairment</font><font style="font-family:'Times New Roman'; font-style:italic"> Loss/ Loss on Sale of Vessels, Net </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">2020</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the fourth quarter of the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Holdings recorded an impairment loss of $52,820 for two of its dry bulk vessels. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2021, Navios Holdings completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a sale price of approximately $6,644. The impairment loss amounted to $6,288 (including $98 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2020, Navios Holdings completed the sale of the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and of the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, to Navios Partners for a sale price of $51,000 in total including net liabilities of $4,378. The net loss due to sale amounted to $7,683 (including $1,747 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Amitie, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,885. The impairment loss amounted to $4,478 and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Northern Star, a 2005-built Panamax vessel of 75,395 dwt, for a sale price of approximately $6,860. The impairment loss amounted to $4,489 and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In May 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Star, a 2002-built Panamax vessel of 76,662 dwt, for a net sale price of $6,450, paid in cash. The impairment loss amounted to $5,697 (including $258 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2020, Navios Holdings completed the sale to unrelated third party of the Navios Kypros, a 2003-built Ultra Handymax vessel of 55,222 dwt, for approximately $9,131 in total, including insurance proceeds covering unrepaired damages plus expenses (subject to applicable deductibles and other customary limitations). The loss due to sale amounted to $5,551 (including $404 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">2019</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the fourth quarter of the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, Navios Holdings recorded an impairment loss of $84,584 for two of its dry bulk vessels. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In </font><font style="font-family:'Times New Roman'">January</font><font style="font-family:'Times New Roman'"> 2020, Navios Holdings completed the sale to an unrelated third party of the Navios Hios, a 2003-built Ultra Handymax vessel of 55,180 dwt, for a net sale price of $7,497, paid in cash. The impairment loss amounted to $7,429 (including $611 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Primavera, a 2007-built Ultra </font><font style="font-family:'Times New Roman'">Handymax</font><font style="font-family:'Times New Roman'"> vessel of 53,464 dwt, for a net sale price of $9,891, paid in cash. The loss due to sale amounted to $1,673 and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In </font><font style="font-family:'Times New Roman'">August</font><font style="font-family:'Times New Roman'"> 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Mercator, a 2002-built Ultra Handymax vessel of 53,553 dwt, for a net sale price of $6,664, paid in cash. The impairment loss amounted to $4,849 (including $490 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In </font><font style="font-family:'Times New Roman'">July</font><font style="font-family:'Times New Roman'"> 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Arc, a 2003-built Ultra Handymax vessel of 53,514 dwt, for a net sale price of $7,105, paid in cash. The impairment loss amounted to $5,149 (including $685 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In June 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Vector, a 2002-built Ultra Handymax vessel of 50,296 dwt, for a net sale price of $6,860, paid in cash. The loss due to sale amounted to $10,039 (including $673 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In May 2019, Navios Holdings completed the sale to an unrelated third party of the Navios Equator Prosper, a 2000-built Capesize </font><font style="font-family:'Times New Roman'">vessel</font><font style="font-family:'Times New Roman'"> of 171,191 dwt, for a net sale price of $11,520, paid in cash. The gain due to sale amounted to $1,784 and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2019, Navios Holdings completed the sale to an unrelated third party of the Navios Meridian, a 2002-built Ultra Handymax vessel of 50,316 dwt, for a net sale price of $6,790, paid in cash. The loss due to sale amounted to $5,531 (including $778 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">2018</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During </font><font style="font-family:'Times New Roman'">the</font><font style="font-family:'Times New Roman'"> year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, Navios Holdings recorded an impairment loss of $179,186 for four of its dry bulk vessels. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In December 2018, Navios Holdings completed the sale to an unrelated third party, of the Navios Magellan, a 2000-built Panamax vessel of 74,333 dwt, for a total net sale price of $6,950 paid in cash. The loss due to the sale amounted to $5,402 (including $726 remaining carrying balance of dry dock and special survey costs) and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2018, Navios Holdings completed the sale to its affiliate, Navios Partners, of the Navios Mars, a 2016-built, 181,259 dwt vessel, and of the Navios Sphera, a 2016-built, 84,872 dwt vessel, for a total sale price of $79,000. The loss due to the sale amounted to $2,759 and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In July 2018, Navios Holdings completed the sale to an unrelated third party of the Navios Achilles, a 2001-built, 52,063 dwt vessel, for a </font><font style="font-family:'Times New Roman'">total</font><font style="font-family:'Times New Roman'"> net sale price of $8,085 paid in cash. The impairment loss recognized due to the sale amounted to $6,595 (including $584 remaining carrying balance of dry dock and special survey costs). </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In March 2018, Navios Holdings completed the sale to an unrelated third party of the Navios Herakles, a 2001-built, 52,061 dwt vessel, for a </font><font style="font-family:'Times New Roman'">total</font><font style="font-family:'Times New Roman'"> net sale price of $7,682 paid in cash. The impairment loss due to the sale amounted to $6,715 (including $481 remaining carrying balance of dry dock and special survey costs). </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Vessel </font><font style="font-family:'Times New Roman'; font-style:italic">Acquisitions</font><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">2020</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In June 2020, following the liquidation of Navios Europe II, the Company acquired the Jupiter N and the Rainbow N, two 2011-built Panamax vessels of 93,062 dwt and 79,642 dwt, respectively, for an acquisition cost of $24,883 in total plus working capital adjustments.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In March 2020, the Company acquired from an unrelated third party, a previously charter-in vessel, the Navios Corali, a 2015-built Capesize vessel of 181,249 dwt, for a total acquisition cost of $36,684, which was paid in cash.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In January 2020, the Company acquired from an unrelated third party, a previously charter-in vessel, the Navios Canary, a 2015-built Capesize vessel of 180,528 dwt, for a total acquisition cost of $35,111, which was paid in cash. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">2019</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2019, Navios Holdings acquired from an unrelated third party, a previously charter-in vessel, Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, for a total acquisition cost of $14,735 which was paid in cash. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">2018</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In November 2018, Navios Holdings took delivery of the Navios Primavera, a 2007-built, 53,464 dwt, a previously charter-in vessel, for a total acquisition cost of $12,130, of which $10,980 was paid in cash. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2018, Navios Holdings acquired from an unrelated third party, a previously charter-in vessel, Navios Equator Prosper, a 2000-</font><font style="font-family:'Times New Roman'">built</font><font style="font-family:'Times New Roman'">, 171,191 dwt vessel, for a total acquisition cost of $10,255 which was paid in cash. </font></p><p style="margin-top:6.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Since 2018, Navios Logistics acquired approximately 6.6 hectares of undeveloped land located in the Port Murtinho region</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">Brazil, and on March 24, 2021 acquired 2.3 additional hectares. </font><font style="font-family:'Times New Roman'">Navios</font><font style="font-family:'Times New Roman'"> Logistics plans to develop this land for its port operations for a total cost of $1,456.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Containers</font><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2019, Navios Containers purchased from an unrelated third party the Navios Constellation, a 2011-built of 10,000 TEU containership, for an acquisition cost of $53,097. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">17, 2018, Navios Containers purchased from an unrelated third party the Bermuda, a 2010-built 4,360 TEU containership, for an acquisition cost of approximately $11,098 (including $398 capitalized expenses). </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2018, Navios Containers purchased from an unrelated third party the Bahamas, a 2010-built 4,360 TEU containership, for an acquisition cost of approximately $13,422 (including $522 capitalized expenses). </font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-bottom:12pt; text-align:center; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net</font><font style="font-family:'Times New Roman'; font-weight:bold"> Book Value of Intangible Assets other than Goodwill as at December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2020 </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:75.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name </font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">90,000 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(43,175)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,825</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">53,152 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(13,835)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">39,317</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,490 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(23,069)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,421</font></p></td></tr><tr style="height:11.2pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Intangible assets</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:38.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">178,642 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:49.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(80,079)</font></p></td><td style="width:13.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">98,563</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:12pt; text-align:center; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value of Intangible Assets other than Goodwill as at December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2019 </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:75.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">90,000 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(40,357)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,643</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">53,152 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(12,837)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">40,315</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,490 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(21,294)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,196</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Favorable lease terms &#8211; Navios Containers</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">31,342 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,855)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,487</font></p></td></tr><tr style="height:4.7pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers deconsolidation</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(31,342)</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,855</font></p></td><td style="width:13.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0; </font><font style="font-family:Arial">(14,487)</font></p></td></tr><tr style="height:11.2pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Intangible assets</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:38.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">178,642 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:49.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(74,488)</font></p></td><td style="width:13.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">104,154</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:59.4pt"><td style="width:194.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,818</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,811 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,811</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">998</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">999 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">950</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,774 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,774</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,591</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,584</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,535</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:19.8pt"><td style="width:17.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Description</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Within</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">one</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">year</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Two</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Three</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Four</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Five</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Thereafter</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:0.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:17.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.62%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,</font><font style="font-family:Arial">811</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,</font><font style="font-family:Arial">811</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,</font><font style="font-family:Arial">811</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.4%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,818</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,811</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32,763</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,825</font></p></td><td style="width:0.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:17.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.4%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">34,342</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">39,317</font></p></td><td style="width:0.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:17.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.62%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.4%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,546</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,421</font></p></td><td style="width:0.88%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:17.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total amortization</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.62%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:5.28%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:5.3%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.74%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.4%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,588</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.5%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:7.26%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">70,651</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:1.26%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:6.2%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">98,563</font></p></td><td style="width:0.88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:18.35pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="12" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="19" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td></tr><tr style="height:18.35pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Balance</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Sheet</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.9%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe II</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe II</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td></tr><tr style="height:11.85pt"><td style="width:22.28%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Cash and cash equivalents, including restricted cash</font></p></td><td style="width:0.8%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">30,728</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">41,357</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">7,573</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">30,402</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">44,051</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">27,431</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">18,109</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Current assets</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">60,780</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">140,605</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">16,684</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">75,990</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">114,008</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">32,249</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">29,450</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Non-current assets</font></p></td><td style="width:0.8%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,146,489</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,428,392</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">414,106</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,177,527</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,441,947</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">179,688</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">430,852</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Current liabilities</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">253,252</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">805,860</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">39,862</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">79,784</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">241,939</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">57,078</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">71,397</font></p></td></tr><tr style="height:13.5pt"><td style="width:22.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Long- term debt including current portion, net</font></p></td><td style="width:0.8%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">486,857</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,076,587</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">232,159</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">489,028</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,173,117</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">89,025</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">245,658</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Non-current liabilities</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">299,187</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">433,280</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">199,383</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">445,714</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,000,164</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">163,123</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">198,925</font></p></td></tr><tr style="height:0pt"><td style="width:103.85pt"></td><td style="width:3.35pt"></td><td style="width:7.3pt"></td><td style="width:33.4pt"></td><td style="width:1.55pt"></td><td style="width:2.2pt"></td><td style="width:5.35pt"></td><td style="width:32.8pt"></td><td style="width:7.3pt"></td><td style="width:7.8pt"></td><td style="width:41.25pt"></td><td style="width:3.45pt"></td><td style="width:3.9pt"></td><td style="width:41.75pt"></td><td style="width:7.75pt"></td><td style="width:7.35pt"></td><td style="width:31.2pt"></td><td style="width:3.45pt"></td><td style="width:3.95pt"></td><td style="width:3.15pt"></td><td style="width:31.2pt"></td><td style="width:3.95pt"></td><td style="width:0.25pt"></td><td style="width:1.9pt"></td><td style="width:0.8pt"></td><td style="width:3.15pt"></td><td style="width:27.3pt"></td><td style="width:1.25pt"></td><td style="width:0.85pt"></td><td style="width:1.85pt"></td><td style="width:0.1pt"></td><td style="width:1.6pt"></td><td style="width:4.15pt"></td><td style="width:37.55pt"></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:6.15pt"><td style="width:25.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="13" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td></tr><tr style="height:12.3pt"><td style="width:25.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Income Statement</font></p></td><td style="width:0.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.96%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">II</font></p></td><td style="width:3.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.7%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:15.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td></tr><tr style="height:6.15pt"><td style="width:25.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:0.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">226,771</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.52%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">361,438</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:14.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">17,059</font></p></td><td style="width:3.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">127,188</font></p></td></tr><tr style="height:4.5pt"><td style="width:25.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Net (loss)/income</font></p></td><td style="width:0.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(68,541</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.52%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">27,465</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:14.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(26,661)</font></p></td><td style="width:3.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,348</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:6.15pt"><td style="width:12.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="20" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td></tr><tr style="height:6.15pt"><td style="width:12.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Income Statement</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">I</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">II</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:1.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">I</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">II</font></p></td><td style="width:1.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.15pt"><td style="width:12.5%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:0.18%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">219,379</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.18%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">280,117</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">36,822</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">46,718</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.5%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">141,532</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.94%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">231,361</font></p></td><td style="width:1.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">187,946</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:10.86%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">34,885</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.92%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">49,870</font></p></td><td style="width:1.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:27.9pt"><td style="width:12.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:0.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.24%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(62,134</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(65,707</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(18,575</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(30,203</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">7,507</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.94%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(13,081</font></p></td><td style="width:1.24%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(82,233</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:10.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(22,881</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.24%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(12,899</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.3pt"><td style="width:12.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Net (loss)/income</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:0.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.24%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(62,134</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(65,707</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(18,575</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(30,203</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">7,507</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.94%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(13,081</font></p></td><td style="width:1.24%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(82,233</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:10.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(3,197</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.24%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(12,169</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE</font><font style="font-family:'Times New Roman'; font-weight:bold"> 9: INVESTMENTS IN AFFILIATE COMPANIES AND INVESTMENTS IN AVAILABLE&#8211;FOR&#8211;SALE SECURITIES </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Partners </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2007, Navios Holdings formed Navios Partners under the laws of Marshall Islands. Navios GP L.L.C. (the &#8220;General Partner&#8221;), a wholly owned subsidiary of Navios Holdings, was also formed on that date to act as the general partner of Navios </font><font style="font-family:'Times New Roman'">Partners</font><font style="font-family:'Times New Roman'"> and received a 2.0% general partner interest. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During</font><font style="font-family:'Times New Roman'"> the first quarter of 2018, Navios Partners also issued 1,370,044 of common units to Navios Partners&#8217; directors and/or officers. </font><font style="font-family:'Times New Roman'">Concurrently</font><font style="font-family:'Times New Roman'">, Navios Holdings acquired 27,960 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $64. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On </font><font style="font-family:'Times New Roman'">February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2018, Navios Partners closed an offering of 18,422,000 common units which includes the sale of $5,000 of common units to Navios Holdings. In addition, Navios Holdings paid $714 to retain its 2.0% general partnership interest. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In December 2018, Navios Partners also issued 1,464,494 of restricted common units to Navios Partners&#8217; directors and/or officers. </font><font style="font-family:'Times New Roman'">Concurrently</font><font style="font-family:'Times New Roman'">, Navios Holdings acquired 29,888 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $27. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In </font><font style="font-family:'Times New Roman'">January</font><font style="font-family:'Times New Roman'"> 2019, the Board of Directors of Navios Partners authorized a common unit repurchase program for up to $50,000 of Navios Partners&#8217; common units over a two-year period. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Partners had repurchased and cancelled 4,694,279 common units. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2019, Navios Partners issued 380,952 of restricted common units to Navios Partners&#8217; directors and/or officers. </font><font style="font-family:'Times New Roman'">Concurrently</font><font style="font-family:'Times New Roman'">, Navios Holdings acquired 7,775 common units in Navios Partners in order to maintain its 2.0% general partner interest for a cash consideration of $8. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">25, 2019, Navios Partners announced a 1-for-15 reverse stock split of its issued and outstanding shares of common units and </font><font style="font-family:'Times New Roman'">general</font><font style="font-family:'Times New Roman'"> partners units. The reverse stock split was effective on May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2019. All issued and outstanding shares of common units and general partner units contained to the notes to the consolidated financial statements until May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2019, are presented before reverse stock split.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and following the sale of Navios Partners general partnership interest effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, referred to in Note 3, Navios Holdings held a total of 2,070,216 (post reverse stock split) common units representing a 17.9% ownership interest in Navios Partners. Navios Holdings evaluated its investment in the common stock of Navios Partners under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Partners and, therefore, its investment in Navios Partners is accounted for under the equity method. Incentive distribution rights are held by Navios GP L.L.C. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the unamortized difference between the carrying amount of the investment in Navios Partners and the amount of the Company&#8217;s underlying equity in net assets of Navios Partners was $77,904 and $101,492, respectively. As a result of the OTTI loss recorded as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the Company has recomputed this difference which is amortized through &#8220;Equity in net losses of affiliate companies&#8221; over the remaining life of Navios Partners&#8217; tangible and intangible assets. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the carrying amount of the investment in Navios Partners was $39,133 and $35,116, respectively. During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, the Company recognized an OTTI loss of $0, $0 and $55,524, </font><font style="font-family:'Times New Roman'">respectively</font><font style="font-family:'Times New Roman'"> relating to its investment in Navios Partners and the amounts are included within the caption &#8220;Equity in net losses of affiliate companies&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Total </font><font style="font-family:'Times New Roman'">equity</font><font style="font-family:'Times New Roman'"> method income and amortization of deferred gain of $5,466, $13,526 and $16,171, excluding OTTI loss, were included within the caption &#8220;Equity in net losses of affiliate companies&#8221; for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Dividends</font><font style="font-family:'Times New Roman'"> received during the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 were $1,449, $2,692, and $2,068, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the market value of the investment in Navios Partners was $23,186. Based on Company&#8217;s evaluation of the duration and magnitude of the fair value decline, Navios Partners&#8217; financial condition and near-term prospects, and the Company&#8217;s intent and ability to hold its investment in Navios Partners until recovery, the Company concluded that the decline in fair value of its investment in Navios Partners below its carrying value is temporary and, therefore, no impairment was recorded.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acropolis </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">6, 2018, Navios Holdings completed the sale of its investment in Acropolis, a brokerage firm for freight and shipping charters, for a cash consideration of $1,000 resulting in a gain of $866 which is included within the caption &#8220;Other income&#8221;. The amount of $500 of the cash consideration was received in December </font><font style="font-family:'Times New Roman'">2018</font><font style="font-family:'Times New Roman'"> and the remaining amount of $500 was received in December 2019. Navios Holdings, until the sale of its investment, had a 50% interest in Acropolis. Although Navios Holdings owned 50% of Acropolis&#8217; stock, Navios Holdings agreed with the other shareholder that the earnings and amounts declared by way of dividends would be allocated 35% to the Company with the balance to the other shareholder. Dividends received for each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 were $0, $0 and $170, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Acquisition</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2018, the Board of Directors of Navios Acquisition authorized a stock repurchase program for up to $25,000 of Navios </font><font style="font-family:'Times New Roman'">Acquisition&#8217;s</font><font style="font-family:'Times New Roman'"> common stock, for two years. Stock repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Acquisition had repurchased 735,251 shares of common stock. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">13, 2018, Navios Acquisition completed the merger contemplated by the previously announced Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;), dated as of October</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">7, 2018, by and among Navios Acquisition, its direct wholly-owned subsidiary </font><font style="font-family:'Times New Roman'">NMA</font><font style="font-family:'Times New Roman'"> Sub LLC (&#8220;Merger Sub&#8221;), Navios Maritime Midstream Partners L.P. (&#8220;Navios Midstream&#8221;) and Navios Midstream Partners GP LLC. Pursuant to the Merger Agreement, Merger Sub merged with and into Navios Midstream, with Navios Midstream surviving as a wholly-owned subsidiary of Navios Acquisition. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Holdings had a 29.5% economic interest in Navios Acquisition. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the pre-OTTI loss unamortized difference between the carrying amount of the investment in Navios Acquisition and </font><font style="font-family:'Times New Roman'">the</font><font style="font-family:'Times New Roman'"> amount of the Company&#8217;s underlying equity in net assets of Navios Acquisition was $68,793 and $79,477, respectively. As a result of the OTTI loss recorded as at December 31, 2020, the Company will recompute this difference to be amortized in future period through &#8220;Equity in net losses of affiliate companies&#8221; over the remaining life of Navios Acquisition&#8217;s tangible and intangible assets. As a result of the OTTI loss recorded as at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, the Company had recomputed this difference which is amortized through &#8220;Equity in net losses of affiliate companies&#8221; over the remaining life of Navios Acquisition tangible and intangible assets. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the carrying amount of the investment in Navios Acquisition was $15,033 and $19,894, respectively. During </font><font style="font-family:'Times New Roman'">the</font><font style="font-family:'Times New Roman'"> year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, the Company recognized an OTTI loss of $13,368, $13,543 and $0, respectively, relating to its investment in Navios Acquisition and the amount was included within the caption &#8220;Equity in net losses of affiliate companies&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Total equity </font><font style="font-family:'Times New Roman'">method</font><font style="font-family:'Times New Roman'"> income/(loss) of $13,129, $(11,098) and $(43,378), excluding OTTI loss, were included within the caption &#8220;Equity in net losses of affiliate companies&#8221; for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019, and 2018, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Dividends </font><font style="font-family:'Times New Roman'">received</font><font style="font-family:'Times New Roman'"> for each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 were $5,838, $4,379 and $5,838, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the market value of the investment in Navios Acquisition was $15,033. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Europe I </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2013, Navios Europe I acquired ten vessels for aggregate consideration consisting of (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">cash (which was funded with the proceeds of senior loan facilities (the &#8220;Senior Loans I&#8221;) and loans aggregating to $10,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe I) (collectively, the &#8220;Navios Term Loans I&#8221;) and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the assumption of a junior participating loan facility (the &#8220;Junior Loan I&#8221;). In addition to the Navios Term Loans I, Navios Holdings, Navios Acquisition and Navios Partners would also make available to Navios Europe I revolving loans up to $24,100 to fund working capital requirements (collectively, the &#8220;Navios Revolving Loans I&#8221;). In December 2018, the amount of the Navios Revolving Loans I increased by $30,000. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On an ongoing basis, Navios Europe I was required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans I) according to a defined waterfall calculation. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings had evaluated its investment in Navios Europe I under ASC 810 and had concluded that Navios Europe I was a VIE and that it was not the party most closely associated with Navios Europe I and, accordingly, was not the primary beneficiary of Navios Europe I. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings had further evaluated its investment in the common stock of Navios Europe I under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe I and, therefore, its investment in Navios Europe I had been accounted for under the equity method. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The initial amount provided for in Navios Europe I of $4,750, at the inception included the Company&#8217;s share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe I, which amounted to $6,763. This difference had been amortized through &#8220;Equity in net losses of affiliate companies&#8221; over the remaining life of Navios Europe I. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, the Company received the outstanding receivable amount from Navios Europe I of $13,420 relating to Navios Europe I following the liquidation of the structure (Note 16). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">No equity method income was included within the caption &#8220;Equity in net losses of affiliate companies&#8221; for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Europe II </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2015, Navios Holdings, Navios Acquisition and Navios Partners established Navios Europe II. From June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2015 through December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2015, Navios Europe II acquired 14 vessels for aggregate consideration consisting of: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">cash (which was funded with the proceeds of a senior loan facility (the &#8220;Senior Loans II&#8221;) and loans aggregating to $14,000 from Navios Holdings, Navios Acquisition and Navios Partners (in each case, in proportion to their economic interests in Navios Europe II) (collectively, the &#8220;Navios Term Loans II&#8221;) and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the assumption of a junior participating loan facility (the &#8220;Junior Loan II&#8221;). In addition to the Navios Term Loans II, Navios Holdings, Navios Acquisition and Navios Partners would also make available to Navios Europe II revolving loans up to $43,500 to fund working capital requirements (collectively, the &#8220;Navios Revolving Loans II&#8221;). In March 2017, the amount of the Navios Revolving Loans II increased by $14,000. On April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2020, Navios Europe II and the lenders agreed to fully release the liabilities under the Junior Loan II for $5,000. On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, Navios Holdings had a $44,300 receivable from Navios Europe II. The structure was liquidated in June 2020. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On an ongoing basis, Navios Europe II was required to distribute cash flows (after payment of operating expenses and amounts due pursuant to the terms of the Senior Loans II) according to a defined waterfall calculation. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings had evaluated its investment in Navios Europe II under ASC 810 and had concluded that Navios Europe II was a VIE and that it was not the party most closely associated with Navios Europe II and, accordingly, was not the primary beneficiary of Navios Europe II. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings had further evaluated its investment in the common stock of Navios Europe II under ASC 323 and had concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Europe II and, therefore, its investment in Navios Europe II had been accounted for under the equity method. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The initial amount provided for in Navios Europe II of $6,650, at the inception included the Company&#8217;s share of the basis difference between the fair value and the underlying book value of the assets of Navios Europe II, which amounted to $9,419. This difference had been amortized through &#8220;Equity in net losses of affiliate companies&#8221; over the remaining life of Navios Europe II. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, the unamortized basis difference of Navios Europe II was $0 and $5,128, respectively. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of March 31, 2020, the Company considered the decline in fair value of its investment in Navios Europe II as OTTI and therefore recognized a loss of $6,650 in the accompanying consolidated statement of comprehensive (loss)/income.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the Company received in cash all balances relating to Navios Europe II following the liquidation of the structure and recognized a loss of $6,050 included in the accompanying consolidated statements of comprehensive (loss)/income for the year ended December 31, 2020, within the caption &#8220;Impairment of loan receivable from affiliate company&#8221; (Note 16).</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Total equity method income of $0, $1,775 and $2,032 was included within the caption &#8220;Equity in net losses of affiliate companies&#8221; for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the carrying amount of the investment in Navios Europe II and the balance of Navios Terms Loans II was $0 and $6,650, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Containers (Consolidated from November</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2018 to August</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30, 2019) </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2017, Navios Maritime Containers Inc. closed a private placement of 10,057,645 shares of its common stock at a subscription price of $5.00 per share resulting in gross proceeds of $50,288. Navios Holdings invested $5,000, and Navios Partners invested $30,000 in Navios Maritime Containers Inc. Each of Navios Holdings and Navios Partners also received warrants for the purchase of an additional 1.7% and 6.8%, respectively, of the equity of Navios Maritime Containers Inc. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">13, 2018, Navios Maritime Containers Inc. closed an additional private placement in which Navios Holdings invested $500. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Maritime Containers Inc. was converted into a limited partnership. All of the warrants described above issued to Navios Partners and Navios Holdings expired. On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2018, Navios Partners distributed approximately 2.5% of the outstanding equity of Navios Containers to the unitholders of Navios Partners in connection with the listing of Navios Containers on the Nasdaq Global Select Market. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings until November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 had evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Maritime Containers Inc. and, therefore, its investment in Navios Maritime Containers Inc. was accounted for under the equity method. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, and following the above mentioned placements and the conversion of Navios Maritime Containers Inc. into a limited partnership, Navios Holdings owned 3.9% of the equity of Navios Containers. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Following the sale of Navios Containers general partnership interest effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, referred in Note 3, Navios Holdings evaluated its investment in the common stock of Navios Containers under ASC 323 and concluded that it had the ability to exercise significant influence over the operating and financial policies of Navios Containers and, therefore, its investment in Navios Containers is accounted for under the equity method. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Total equity method income of $130, $155 and $417 were included within the caption &#8220;Equity in net losses of affiliate companies&#8221; for the year ended December 31, 2020, for the period from August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019 (date of loss of control) to December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 and for the period from January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018 to November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 (date of obtaining control), respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the carrying amount of the investment in Navios Containers was $2,812 and $2,682, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the market value of the investment in Navios Containers was $5,179. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Merger Agreement Navios Partners:</font><font style="font-family:'Times New Roman'; font-size:10pt"> On January 4, 2021, Navios Containers and Navios Partners announced that they entered into a definitive merger agreement (the &#8220;Navios Partners&#8217; Merger&#8221;). Under the terms of the Navios Partners&#8217; Merger, Navios Partners acquired all of the publicly held common units of Navios Containers through the issuance of 8,133,452 newly issued common units of Navios Partners in exchange for the publicly held common units of Navios Containers at an exchange ratio of 0.39 units of Navios Partners for each Navios Containers common unit. The Navios Partners&#8217; Merger was completed on March 31, 2021</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">and Navios Holdings had 12.6% ownership interest in Navios Partners.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">As of the close of the market on March 31, 2021, Navios Containers&#8217; common units were no longer listed for trading on NASDAQ.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Following the results of the significance tests performed by the Company, it was concluded that two affiliate companies met the significance threshold requiring summarized financial information of all affiliate companies being presented. </font></p><p style="margin-top:13.2pt; margin-bottom:12pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Summarized</font><font style="font-family:'Times New Roman'"> financial information of the affiliate companies is presented below: </font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:18.35pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><a name="DM_MAP_c78f8138ae1c4e2a8d0a85cc24184878"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></a></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="12" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="19" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td></tr><tr style="height:18.35pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Balance</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Sheet</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.9%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe II</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe II</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td></tr><tr style="height:11.85pt"><td style="width:22.28%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Cash and cash equivalents, including restricted cash</font></p></td><td style="width:0.8%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">30,728</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">41,357</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-size:9pt">&#xa0;</font><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">7,573</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">30,402</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">44,051</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">27,431</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">18,109</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Current assets</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">60,780</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">140,605</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">16,684</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">75,990</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">114,008</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">32,249</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">29,450</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Non-current assets</font></p></td><td style="width:0.8%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,146,489</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,428,392</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">414,106</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,177,527</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,441,947</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">179,688</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">430,852</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Current liabilities</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">253,252</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">805,860</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">39,862</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">79,784</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">241,939</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">57,078</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">71,397</font></p></td></tr><tr style="height:13.5pt"><td style="width:22.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Long- term debt including current portion, net</font></p></td><td style="width:0.8%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">486,857</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,076,587</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">232,159</font></p></td><td style="width:1.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">489,028</font></p></td><td style="width:0.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,173,117</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">89,025</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">245,658</font></p></td></tr><tr style="height:12.25pt"><td style="width:22.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-6.6pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Non-current liabilities</font></p></td><td style="width:0.8%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">299,187</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">433,280</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">199,383</font></p></td><td style="width:1.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">445,714</font></p></td><td style="width:0.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.74%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">1,000,164</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.46%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">163,123</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">198,925</font></p></td></tr><tr style="height:0pt"><td style="width:103.85pt"></td><td style="width:3.35pt"></td><td style="width:7.3pt"></td><td style="width:33.4pt"></td><td style="width:1.55pt"></td><td style="width:2.2pt"></td><td style="width:5.35pt"></td><td style="width:32.8pt"></td><td style="width:7.3pt"></td><td style="width:7.8pt"></td><td style="width:41.25pt"></td><td style="width:3.45pt"></td><td style="width:3.9pt"></td><td style="width:41.75pt"></td><td style="width:7.75pt"></td><td style="width:7.35pt"></td><td style="width:31.2pt"></td><td style="width:3.45pt"></td><td style="width:3.95pt"></td><td style="width:3.15pt"></td><td style="width:31.2pt"></td><td style="width:3.95pt"></td><td style="width:0.25pt"></td><td style="width:1.9pt"></td><td style="width:0.8pt"></td><td style="width:3.15pt"></td><td style="width:27.3pt"></td><td style="width:1.25pt"></td><td style="width:0.85pt"></td><td style="width:1.85pt"></td><td style="width:0.1pt"></td><td style="width:1.6pt"></td><td style="width:4.15pt"></td><td style="width:37.55pt"></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><a name="DM_MAP_1bda4676a6194d60a0dcff34ca07bedc"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:6.15pt"><td style="width:25.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="13" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td></tr><tr style="height:12.3pt"><td style="width:25.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Income Statement</font></p></td><td style="width:0.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.96%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">II</font></p></td><td style="width:3.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.7%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:15.6%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td></tr><tr style="height:6.15pt"><td style="width:25.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:0.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">226,771</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.52%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">361,438</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:14.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">17,059</font></p></td><td style="width:3.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.7%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.6%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">127,188</font></p></td></tr><tr style="height:4.5pt"><td style="width:25.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Net (loss)/income</font></p></td><td style="width:0.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:12.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(68,541</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.52%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">27,465</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">$</font></p></td><td style="width:14.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(26,661)</font></p></td><td style="width:3.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.7%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.6%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,348</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:6.15pt"><td style="width:12.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="20" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td></tr><tr style="height:6.15pt"><td style="width:12.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Income Statement</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">I</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">II</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Containers</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Partners</font></p></td><td style="width:1.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">I</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Navios</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Europe</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">II</font></p></td><td style="width:1.78%; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.15pt"><td style="width:12.5%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:0.18%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">219,379</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.18%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">280,117</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">36,822</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.12%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">46,718</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.5%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">141,532</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.94%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">231,361</font></p></td><td style="width:1.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">187,946</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:10.86%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">34,885</font></p></td><td style="width:0.98%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.24%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.92%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">49,870</font></p></td><td style="width:1.78%; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:27.9pt"><td style="width:12.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Net (loss)/ income before non-cash change in fair value of Junior Loan I and Junior Loan II</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:0.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.24%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(62,134</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(65,707</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(18,575</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.12%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(30,203</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.5%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">7,507</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.94%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(13,081</font></p></td><td style="width:1.24%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(82,233</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:10.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(22,881</font></p></td><td style="width:0.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.24%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(12,899</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.3pt"><td style="width:12.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:7.7pt; margin-bottom:8pt; text-indent:-5.5pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">Net (loss)/income</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:0.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.24%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(62,134</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:7.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(65,707</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(18,575</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.12%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(30,203</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.5%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">7,507</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.1%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:6.94%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(13,081</font></p></td><td style="width:1.24%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.9%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(82,233</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:0.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:10.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(3,197</font></p></td><td style="width:0.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.24%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:5.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">(12,169</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">)</font></p></td></tr></table><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Available-for-sale securities (&#8220;AFS Securities&#8221;) </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, the Company received shares of Pan Ocean Co. Ltd (&#8220;STX&#8221;) as partial compensation for the claims filed under the Korean court for all unpaid amounts in respect of the employment of the Company&#8217;s vessels. The shares were recorded at fair value upon their issuance and subsequent changes in market value are recognized within accumulated </font><font style="font-family:'Times New Roman'">other</font><font style="font-family:'Times New Roman'"> comprehensive income/(loss) or since January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018, when the Company adopted ASU 2016-01, &#8220;Financial Instruments &#8211; Overall (Subtopic 825-10) &#8211; Recognition and Measurement of Financial Assets and Financial Liabilities&#8221;, within consolidated statement of comprehensive (loss)/income. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">shares</font><font style="font-family:'Times New Roman'"> received from STX were accounted for under the guidance for AFS Securities. The Company has no other types of AFS Securities. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the carrying amount of the AFS Securities related to STX was $222 and $189, respectively and was included within the caption &#8220;Other long-term assets&#8221; in the consolidated balance sheets. During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the unrealized holding gain related to these AFS Securities included within the caption &#8220;Other income&#8221; was $33. During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 and 2018, the unrealized holding loss related to these AFS Securities included within the caption &#8220;Other expense&#8221; was $3 and $46, respectively. </font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.65pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:69.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:69.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Payroll</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,671</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,701 </font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accrued interest</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">55,650</font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,926 </font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accrued voyage expenses</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,344</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Audit fees and related services</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">225</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">234 </font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accrued taxes</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,911</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,002 </font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Professional fees</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">470</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">317 </font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other accrued expenses</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">264 </font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial"> </font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:8.65pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total accrued expenses</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">72,535</font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">51,180</font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE</font><font style="font-family:'Times New Roman'; font-weight:bold"> 10: ACCRUED EXPENSES AND OTHER LIABILITIES </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Accrued expenses and other liabilities as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019 consisted of the following:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:16.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.65pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_21a46ed4b7bd40e2ba0a2480c7bc9447"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:69.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:69.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Payroll</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,671</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,701 </font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accrued interest</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">55,650</font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,926 </font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accrued voyage expenses</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,344</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Audit fees and related services</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">225</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">234 </font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accrued taxes</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,911</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,002 </font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Professional fees</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">470</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">317 </font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.9pt"><td style="width:237.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other accrued expenses</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">264 </font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.3pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.65pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial"> </font></p></td><td style="width:4.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:8.65pt"><td style="width:237.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total accrued expenses</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">72,535</font></p></td><td style="width:4.3pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:22.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:46.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">51,180</font></p></td><td style="width:4.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Cash </font><font style="font-family:'Times New Roman'">and</font><font style="font-family:'Times New Roman'"> cash equivalents and restricted cash consisted of the following: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:239.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_d8c6b7eb725448389654be58c4bc7dc7"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash on hand and at banks</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,787</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,041</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Short-term deposits and highly liquid funds</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">950</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:239.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Cash and cash equivalents and restricted cash</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">111,184</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">78,727</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Short-</font><font style="font-family:'Times New Roman'">term</font><font style="font-family:'Times New Roman'"> deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months and are included in the consolidated balance sheets within the caption &#8220;Cash and cash equivalents&#8221;. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Cash </font><font style="font-family:'Times New Roman'">deposits</font><font style="font-family:'Times New Roman'"> and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. See also Note 2(e). </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:237.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Navios Holdings borrowings</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility HCOB ($15,300)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,945</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,475</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,100</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,600</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,400</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,900</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility DVB Bank SE ($72,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,504</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">41,073</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility DVB Bank SE ($40,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,556</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Alpha Bank ($31,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20,200 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,000</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Alpha Bank ($16,125)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,925</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,025</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sale and Leaseback Agreements</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">62,934</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022 Senior Secured Notes</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">305,000</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">305,000</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.75pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022 Notes</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">476,822</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">497,604</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:1.75pt"><td style="width:237.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2024 Notes</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8,626</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8,626</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">NSM Loan (including accrued interest of $526 and $2,163, respectively)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">78,901</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">130,538</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$50.0 million NSM Loan (including accrued interest of $326 and $0, respectively)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">50,326</font></p></td><td style="width:4.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Navios Holdings borrowings</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,052,683</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,061,397</font></p></td><td style="width:4.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:237.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Navios Logistics borrowings</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:60.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022 Logistics Senior Notes</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">375,000</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2025 Logistics Senior Notes</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">500,000</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics Notes Payable</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">17,842</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,469</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics BBVA Loan Facility</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,275</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics New BBVA Loan Facility</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,000</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics Alpha Bank Loan</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,100</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,500</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics Term Loan B Facility</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">98,000</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Seller&#8217;s Credit Agreement for the construction of six liquid barges</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,047</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other long-term loans</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">115</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Navios Logistics borrowings</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">560,035</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">520,359</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:236.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Total</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:58.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:2.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:justify; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total borrowings</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,612,718</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,581,756 </font></p></td><td style="width:2.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: current portion, net</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(374,191)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(50,110) </font></p></td><td style="width:2.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: deferred finance costs and discount, net</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(28,289)</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(18,509)</font></p></td><td style="width:2.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total long-term borrowings</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,210,238</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,513,137 </font></p></td><td style="width:2.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:12.15pt"><td style="width:370.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2021</font><font style="font-family:Arial">(including total accrued interest of $852 of NSM Loan &amp; $50.0 million NSM Loan)</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">380,308</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">592,231</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2023</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">50,346</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2024</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,683</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2025</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">507,925</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2026 and thereafter</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,225</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:15.25pt"><td style="width:370.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,612,718</font></p></td><td style="width:4.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 11: BORROWINGS </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Borrowings</font><font style="font-family:'Times New Roman'"> as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019 consisted of the following: </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:237.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_9e2421577eaf48c4bfbdba081f6d3e17"><font style="font-family:Arial; font-weight:bold; font-style:italic">Navios Holdings borrowings</font></a></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility HCOB ($15,300)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,945</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,475</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,100</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,600</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Credit Agricole ($23,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,400</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,900</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility DVB Bank SE ($72,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,504</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">41,073</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility DVB Bank SE ($40,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,556</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Alpha Bank ($31,000)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20,200 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,000</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan Facility Alpha Bank ($16,125)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,925</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,025</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sale and Leaseback Agreements</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">62,934</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022 Senior Secured Notes</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">305,000</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">305,000</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.75pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022 Notes</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">476,822</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">497,604</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:1.75pt"><td style="width:237.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2024 Notes</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8,626</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8,626</font></p></td><td style="width:4.65pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">NSM Loan (including accrued interest of $526 and $2,163, respectively)</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">78,901</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">130,538</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$50.0 million NSM Loan (including accrued interest of $326 and $0, respectively)</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">50,326</font></p></td><td style="width:4.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Navios Holdings borrowings</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,052,683</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,061,397</font></p></td><td style="width:4.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:237.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Navios Logistics borrowings</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:60.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022 Logistics Senior Notes</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">375,000</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2025 Logistics Senior Notes</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">500,000</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics Notes Payable</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">17,842</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,469</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics BBVA Loan Facility</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,275</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics New BBVA Loan Facility</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,000</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics Alpha Bank Loan</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,100</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,500</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Logistics Term Loan B Facility</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">98,000</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Seller&#8217;s Credit Agreement for the construction of six liquid barges</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,047</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other long-term loans</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">115</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Navios Logistics borrowings</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">560,035</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">520,359</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:19.8pt"><td style="width:236.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold; font-style:italic">Total</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:58.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:2.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:justify; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total borrowings</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,612,718</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,581,756 </font></p></td><td style="width:2.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: current portion, net</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(374,191)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(50,110) </font></p></td><td style="width:2.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: deferred finance costs and discount, net</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(28,289)</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(18,509)</font></p></td><td style="width:2.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:236.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total long-term borrowings</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,210,238</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:22.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,513,137 </font></p></td><td style="width:2.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> Holdings Debt </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">2022 Senior Secured Notes </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2017, the Company and its wholly owned subsidiary, Navios Maritime Finance II (US) Inc. (together with the Company, the &#8220;Co-Issuers&#8221;) issued $305,000 of the 2022 Senior Secured Notes, at a price of 97%. </font></p><p style="margin-top:9pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The 2022 Senior Secured Notes are secured by a first priority lien on certain capital stock owned by certain of the subsidiary guarantors of </font><font style="font-family:'Times New Roman'">Navios</font><font style="font-family:'Times New Roman'"> Holdings in each of Navios GP L.L.C., Navios Maritime Acquisition Corporation, Navios South American Logistics Inc. and Navios Partners (following the merger of Navios Containers with Navios Partners), as well as by the vessel Navios Azimuth. The 2022 Senior Secured Notes are unregistered and guaranteed by all of the Company&#8217;s direct and indirect subsidiaries, except for certain subsidiaries designated as unrestricted subsidiaries, including Navios Logistics. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The subsidiary guarantees are &#8220;full and unconditional&#8221;, except that the indenture provides for an individual subsidiary&#8217;s guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an &#8220;unrestricted subsidiary&#8221; for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Senior Secured Notes. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Co-</font><font style="font-family:'Times New Roman'">Issuers</font><font style="font-family:'Times New Roman'"> have the option to redeem the 2022 Senior Secured Notes in whole or in part, at any time at par. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">Upon occurrence of certain change of control events, the holders of the 2022 Senior Secured Notes may require the Co-Issuers to repurchase </font><font style="font-family:'Times New Roman'; font-size:10pt">some</font><font style="font-family:'Times New Roman'; font-size:10pt"> or all of the 2022 Senior Secured Notes at 101% of their face amount. The 2022 Senior Secured Notes contain covenants which, among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering in transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers&#8217; properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Senior Secured Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of December</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">31, 2020.</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Under the terms of the 2022 Senior Secured Notes, Navios Holdings had an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our </font><font style="font-family:'Times New Roman'">2022 Notes </font><font style="font-family:'Times New Roman'">are met.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On October 1, 2020, Navios Holdings entered into (1) the Sixth Supplemental Indenture to amend the terms of the indenture and related pledge agreements governing the 2022 Senior Secured Notes following its receipt of consents from bondholders representing a majority in aggregate principal amount (the &#8220;Consenting Noteholders&#8221;) of the 2022 Senior Secured Notes and (2) a consent agreement with the Consenting Noteholders (&#8220;Consent Agreement&#8221;) whereby the Consenting Noteholders agreed, subject to the satisfaction of certain conditions in the Consent Agreement, to provide their consents, as part of a consent solicitation to be made by the Company on or before the earlier of (i) 60 days following the consummation of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics or (ii) September 5, 2021, to the amendments contained in the form of supplemental indenture (&#8220;Form of Supermajority Supplemental Indenture&#8221;) which amendments require consent from 66 2/3% of the outstanding 2022 Senior Secured Notes affected.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Sixth Supplemental Indenture, among other things, (i) clarifies that all past dividends paid in respect of equity pledged as collateral for the 2022 Senior Secured Notes and any future dividends paid in respect of equity pledged as collateral (other than equity of Navios Logistics) can be used by the Company for general corporate purposes, absent a Default or Event of Default, (ii) provides that future dividends paid in respect of equity of Navios Logistics pledged as collateral for the 2022 Senior Secured Notes may be used only to redeem or repurchase 2022 Senior Secured Notes (including, absent a Default or an Event of Default, at a discount to par), (iii) eliminates the Company&#8217;s obligation to make a springing maturity offer for the 2022 Senior Secured Notes; and (iv) states, for the avoidance of doubt, that the Company may agree to the cancellation of amounts it owes to Navios Logistics under that certain loan agreement dated as of April 25, 2019 (as amended) in lieu of the receipt of pro rata cash dividends from Navios Logistics. The Sixth Supplemental Indenture became effective upon its execution by the Company and the Trustee, but the amendments and waivers contained therein will become operative only upon the occurrence of a Qualified IPO of Navios Logistics.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Form of Supermajority Supplemental Indenture would further amend the Indenture to permit the Company to use the net proceeds it receives from any sale of Navios Logistics equity in connection with or following a Qualified IPO of Navios Logistics to repurchase 2022 Senior Secured Notes at a discount to par in certain circumstances. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">There can be no assurance that the Company will receive the additional consents necessary to cause the amendments contemplated by the Form of Supermajority Supplemental Indenture to become effective.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">2022 Notes</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On </font><font style="font-family:'Times New Roman'">November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2013, the Co-Issuers completed the sale of $650,000 of the 2022 Notes. During 2018, the Company repurchased $35,661 in par value of the 2022 Notes for a cash consideration of $28,796 resulting in a gain on bond extinguishment of $6,464, net of deferred financing costs written-off. During 2019, Navios Logistics repurchased $35,500 in par value of the 2022 Notes in open market transactions for a cash consideration of $17,642. During 2019, the Company repurchased $81,235 in par value of the 2022 Notes for a cash consideration of $50,683. These transactions resulted in a gain on bond extinguishment of $47,430, net of deferred financing costs written-off. (Refer to Note 16, &#8220;Secured credit facility with Navios Logistics&#8221;). During 2020, the Company repurchased $20,782 in par value of the 2022 Notes for a cash consideration of $9,443 resulting in a gain on bond extinguishment of $11,204, net of deferred financing costs written-off. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The 2022 Notes are senior obligations of the Co-Issuers and were originally secured by first priority ship mortgages on 23 dry bulk vessels owned by certain subsidiary guarantors and certain other associated property and contract rights. In June 2017, Navios Ionian and Navios Horizon were released from the 2022 Notes and replaced by the Navios Galileo. In March 2018, Navios Herakles was released from the 2022 Notes and replaced by the Navios Equator Prosper. In July 2018, Navios Achilles was released from the 2022 Notes and replaced by the Navios Primavera. In December 2018 and in March 2019, Navios Magellan and Navios Meridian, respectively, were released from the 2022 Notes and the total proceeds of $14,000 were restricted in an escrow account and considered as a cash collateral. In May 2019 and June 2019, Navios Equator Prosper, Navios Vector and the cash collaterals in escrow accounts were released from the 2022 Notes and replaced by the N Bonanza and N Amalthia and the total proceeds of $7,410 were restricted in an escrow account and considered as cash collateral. In July 2019 and August 2019, Navios Arc and Navios Mercator, respectively, were released from the 2022 Notes. In August 2019, the cash collateral held in escrow accounts were released from the 2022 Notes and replaced by Navios Victory. In September 2019, Navios Primavera was released from the 2022 Notes and the total proceeds of $10,129 were restricted in escrow accounts and considered as cash collateral. In November 2019, Navios Victory and the cash collateral held in escrow accounts were released and replaced by Navios Northern Star, Navios Taurus and Navios Serenity. During the first half of 2020, Navios Hios, Navios Kypros and Navios Star were released from the 2022 Notes and were replaced by Navios Amitie, Jupiter N and $358 of cash collateral retained as trust monies in an escrow account. In August 2020 and September 2020, Navios Northern Star and Navios Amitie were released from the 2022 Notes, respectively, and were replaced by $15,251 of cash collateral retained as trust monies in an escrow account. In January 2021, Navios Asteriks and part of the cash collateral of $14,250 held in escrow accounts were released and replaced by Navios Bonheur. In April 2021, Navios Serenity and the remaining cash collateral held in escrow accounts were released and replaced by Navios Asteriks. Currently, the 2022 Notes are secured by 17 drybulk vessels. The 2022 Notes are unregistered and fully and unconditionally guaranteed, jointly and severally by all of the Company&#8217;s direct and indirect subsidiaries, other than Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The guarantees of the Company&#8217;s subsidiaries that own mortgaged vessels are senior secured guarantees and the guarantees of the Company&#8217;s subsidiaries that do not own mortgaged vessels are senior unsecured guarantees. In addition, the Co-Issuers have the option to </font><font style="font-family:'Times New Roman'">redeem</font><font style="font-family:'Times New Roman'"> the 2022 Notes in whole or in part at par. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Upon occurrence of certain change of control events, the holders of the 2022 Notes may require the Co-Issuers to repurchase some or all of the 2022 Notes at 101% of their face amount. The 2022 Notes contain covenants, which among other things, limit the incurrence of additional indebtedness, issuance of certain preferred stock, the payment of dividends, redemption or repurchase of capital stock or making restricted payments and investments, creation of certain liens, transfer or sale of assets, entering into certain transactions with affiliate companies, merging or consolidating or selling all or substantially all of the Co-Issuers&#8217; properties and assets and creation or designation of restricted subsidiaries. The indenture governing the 2022 Notes includes customary events of default. The Co-Issuers were in compliance with the covenants as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">2024 </font><font style="font-family:'Times New Roman'; font-style:italic">Notes</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2019, Navios Holdings issued $4,747 of 9.75% Senior Notes due 2024 (the &#8220;2024 Notes&#8221;) as an exchange for a total of 10,930 Series H shares which were validly tendered as of that date (Refer to Note 17). </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21</font><font style="font-family:'Times New Roman'">, 2019, Navios Holdings issued $3,879 of the 2024 Notes as an exchange for a total of 8,841 Series G shares which were validly tendered as of that date. (Refer to Note 17). </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The 2024 Notes are Navios Holdings&#8217; senior unsecured general obligations and rank senior in right of payment to any of Navios Holding&#8217;s </font><font style="font-family:'Times New Roman'">existing</font><font style="font-family:'Times New Roman'"> and future debt that expressly provides that it is subordinated to the 2024 Notes, pari passu in right of payment with all of Navios Holding&#8217;s existing and future senior obligations, structurally subordinated in right of payment to the obligations of Navios Holding&#8217;s subsidiaries, and effectively subordinated in right of payment to any existing and future obligations of Navios Holdings that are secured by property or assets that do not secure the 2024 Notes, including the 2022 Senior Secured Notes and the 2022 Notes, to the extent of the value of any such property and assets securing such other obligations. The 2024 Notes are not guaranteed by any of Navios Holdings&#8217; subsidiaries. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The indenture governing the 2024 Notes does not contain restrictive covenants but does include customary events of default. Navios Holdings has the option to redeem the 2024 Notes, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued interest. </font></p><p style="margin-top:19.8pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Secured Credit Facilities </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Credit Agricole (formerly Emporiki) Facilities:</font><font style="font-family:'Times New Roman'"> In December 2012, the Emporiki Bank of Greece&#8217;s facilities were transferred to Credit Agricole Corporate and Investment Bank. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2010, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $40,000 in order to partially finance the construction of one newbuilding Capesize vessel. In December 2017, the Company agreed to extend the last payment date to August 2021. The loan bore interest at a rate of LIBOR plus 275 basis points. The loan facility required compliance with certain financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 the facility was refinanced and repaid in full and there was no outstanding amount. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one Panamax vessel. In May 2019, the facility was refinanced. As of December 31, 2020, the facility is repayable in five semi-annual installments of $750, with a final balloon payment of $8,850 on the last payment date. The loan bears interest at a rate of LIBOR plus 275 basis points. The loan facility requires compliance with certain covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding amount under this facility was $11,100 and was repaid in full in the first quarter of 2021. </font></p><p style="margin-top:9pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In December 2011, Navios Holdings entered into a facility agreement with Emporiki Bank of Greece for an amount of up to $23,000 in order to partially finance the construction of one newbuilding bulk carrier. In May 2019, the facility was refinanced. As of December 31, 2020, the loan facility is repayable in three semi-annual equal installments of $750, with a final balloon payment of $9,150 on the last payment date. The loan bears interest at a rate of LIBOR plus 325 basis points. The loan facility requires compliance with certain covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding amount under this facility was $11,400 and was repaid in full in the first quarter of 2021. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">20, 2013, Navios Holdings entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $22,500 in two equal tranches, in order to finance the acquisition of two Panamax vessels. The two tranches bore interest at a rate of LIBOR plus 300 basis points. In December 2017, the Company agreed to extend the last payment date to August 2021. The loan facility required compliance with certain financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 the facility was refinanced and repaid in full and there was no outstanding amount. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">14, 2018, Navios Holdings entered into a facility with Credit Agricole Corporate and Investment Bank for an amount of up to $28,745 in three advances to be drawn simultaneously for the purpose of a) to repay all amounts outstanding under the facility agreement dated September 2010 and b) to repay all amounts outstanding under the facility agreement dated December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">20, 2013. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the first tranche drawn amount was $15,245 and was repayable in six semi-annual installments of $1,205 with a final balloon payment of $6,810 on the last payment date, the second tranche drawn amount was $6,750 and was repayable in six semi-annual installments of $563 with a final balloon payment of $2,813 on the last payment date and the third tranche drawn amount was $6,750 and was repayable in six semi-annual installments of $563 with a final balloon payment of $2,813 on the last payment date. The loan bore interest at a rate of LIBOR plus 280 basis points. The loan facility required compliance with certain financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 the facility was repaid in full and there was no outstanding amount. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Hamburg Commercial Bank AG Facility:</font><font style="font-family:'Times New Roman'"> On May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2017, Navios Holdings entered into a facility agreement with Hamburg Commercial Bank AG for an amount of up to $15,300 in order to partially refinance the fourth tranche of the Commerzbank facility. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the facility is repayable in three quarterly equal installments of $383, with a final balloon payment of $8,798 on the last payment date. The loan bears interest at a rate of LIBOR plus 300 basis points. The loan facility requires compliance with certain covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding amount under this facility was $9,945 and was repaid in full in the first quarter of 2021. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">DVB Bank SE Facilities:</font><font style="font-family:'Times New Roman'"> On March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2012, Navios Holdings entered into a facility agreement with a syndicate of banks led by DVB Bank SE for an amount of up to $42,000 in two tranches: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the first tranche is for an amount of up to $26,000 in order to finance the acquisition of a Handysize vessel; and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the second tranche is for an amount of up to $16,000 to refinance the outstanding debt of an Ultra-Handymax vessel. On June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">27, 2014, Navios Holdings refinanced the existing facility, adding a new tranche for an amount of $30,000 in order to finance the acquisition of a Capesize vessel, which was delivered in June 2014. On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">12, 2019, Navios Holdings amended this facility agreement with DVB Bank SE in order to extend the maturity of the outstanding balance originally due in the first and second quarter of 2020 for one year, to June 2021 and released from collateral one Handysize vessel which was substituted by one Panamax vessel. The facility bears interest at a rate of LIBOR plus 293 basis points. During September 2020, the Company completed the sale of the Panamax vessel and the Capesize vessel which were released from collaterals and prepaid the amount of $33,003 for the satisfaction of the first and the third tranche of the facility. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the second tranche is repayable in two quarterly installments of $268, with a final balloon payment of $3,968 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the total outstanding amount was $4,504 and was repaid in full in the first quarter of 2021.</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2013, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $40,000 in order to finance the acquisition of four Panamax vessels, delivered in August and September 2013. The facility bore interest at a rate of LIBOR plus 325 basis points. In December 2017, Navios Holdings entered into a facility agreement with DVB Bank SE in order to extend the maturity of the outstanding balance originally due by September 2018 for three years, to September 2021. During 2019, Navios Holdings partially prepaid the indebtedness originally maturing in the third quarter of 2021 and released from collateral two Panamax vessels. In the first quarter of 2020, the outstanding amount of $5,556 was repaid in full and there was no outstanding balance as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In January 2016, Navios Holdings entered into a facility agreement with DVB Bank SE for an amount of up to $41,000 to be drawn in two tranches, to finance the acquisition of one newbuilding Panamax vessel and one newbuilding Capesize vessel. The facility bore interest at a rate of LIBOR plus 255 basis points. The total amount drawn under the facility was $39,900. During August 2018, the Company completed the sale of the two vessels and repaid in full the two tranches of the facility, which had a total outstanding balance of $31,769. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Alpha Bank A.E.:</font><font style="font-family:'Times New Roman'"> On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">6, 2014, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $31,000 in order to finance part of the acquisition of a Capesize vessel. The loan bears interest at a rate of LIBOR plus 300 basis points. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the facility is repayable in eight quarterly installments of $450, with a final balloon payment of $16,600 on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding amount was $20,200. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2016, Navios Holdings entered into a facility agreement with Alpha Bank A.E. for an amount of up to $16,125 in order to refinance one Capesize vessel. The facility bears interest at a rate of LIBOR plus 300 basis points. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the facility is repayable in eight quarterly installments of $275 each, with a final balloon payment of $10,725 payable on the last repayment date. The loan facility requires compliance with certain financial covenants. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding amount was $12,925. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The facilities are secured by first priority mortgages on certain of Navios Holdings&#8217; vessels and other collateral. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The credit facilities contain a number of restrictive covenants that limit Navios Holdings and/or certain of its subsidiaries from, among other things: incurring or guaranteeing indebtedness; entering into affiliate transactions; charging, pledging or encumbering the vessels securing such facilities; changing the flag, class, management or ownership of certain Navios Holdings&#8217; vessels; changing the commercial and technical management of certain Navios Holdings&#8217; vessels; selling or changing the ownership of certain Navios Holdings&#8217; vessels; and subordinating the obligations under the credit facilities to any general and administrative costs relating to the vessels. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, the credit facilities require compliance with the covenants contained in the indentures governing the 2022 Senior Secured Notes, the 2022 Notes and the 2024 Notes (as defined herein). Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or if Angeliki Frangou and her affiliate companies, together, own less than 20% of the outstanding share capital of Navios Holdings. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company&#8217;s secured credit facilities require compliance with maintenance covenants, including (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">value-to-loan ratio covenants, based on charter-free valuations, ranging from over 120% to 135%, (ii) minimum liquidity up to a maximum of $30,000, and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">net total debt divided by total assets, as defined in each secured credit facility, ranging from a maximum of 75% to 80%. Certain covenants in our secured credit facilities have been amended for a specific period to increase the covenant levels for the applicable net total debt divided by total assets maintenance covenants, as defined in each secured credit facility, to a maximum of 90%. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company has either repaid the credit facilities or received waivers of the covenants under each of the credit facilities, which remain outstanding as of the date of this filing. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">NSM Loan </font></p><p style="margin-top:9pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2019, Navios Holdings entered into a secured loan agreement of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation. During 2019, Navios Holdings repaid the amount of $13,420 under the terms of this facility. During 2020, Navios Holdings repaid the amount of $50,000 under the terms of this facility. As of December 31, 2020, the total outstanding balance of this facility amounted to $78,901, including $526 of accrued interest. Please see also Note 16. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">$50.0 million NSM Loan</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In June 2020, Navios Holdings entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation (&#8220;$50.0 million NSM Loan&#8221;) for a loan of up to $50,000 to be used for general corporate purposes. As of December 31, 2020, the total outstanding balance of this facility amounted to $50,326, including $326 of accrued interest. Please see also Note 16.</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Sale and Leaseback Agreements </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In the first quarter of 2020, the Company entered into two sale and leaseback agreements of $68,000 in total, with unrelated third parties for two Capesize vessels (the &#8220;Sale and Leaseback Agreements&#8221;). Navios Holdings has no purchase obligation to acquire the vessels at the end of the lease term, however, it is reasonably certain that respective purchase options will be exercised and under ASC 842-40, the transfer of the vessels was determined to be a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the Sale and Leaseback Agreements as a financial liability.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Sale and Leaseback Agreements are repayable by 144 consecutive monthly payments of approximately $224 and $238 each, commencing as of January 2020 and March 2020, respectively. As of December 31, 2020, the outstanding balance under the Sale and Leaseback Agreements of the two Capesize vessels was $62,934 in total. The agreements mature in the fourth quarter of 2031 and first quarter of 2032, respectively, with a balloon payment of $750 per vessel on the last repayment date.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Sale and Leaseback Agreements have no financial covenants.</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Navios Logistics Debt </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">2022 </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> Senior Notes </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">22, 2014, Navios Logistics and its wholly-owned subsidiary Navios Logistics Finance (US) Inc. (&#8220;Logistics Finance&#8221; and, together with Navios Logistics (the &#8220;Logistics Co-Issuers&#8221;) issued $375,000 in aggregate principal amount of its Senior Notes due on May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2022 (the &#8220;2022 Logistics Senior Notes&#8221;), at a fixed rate of 7.25%. The 2022 Logistics Senior Notes were unregistered were fully and unconditionally guaranteed, jointly and severally, by all of Navios Logistics&#8217; direct and indirect subsidiaries except for Horamar do Brasil Navega&#231;&#259;o Ltda (&#8220;Horamar do Brasil&#8221;), Naviera Alto Parana S.A. (&#8220;Naviera Alto Parana&#8221;) and Terra Norte Group S.A. (&#8220;Terra Norte&#8221;), which were deemed to be immaterial, and Logistics Finance, which was the co-issuer of the 2022 Logistics Senior Notes. The subsidiary guarantees were &#8220;full and unconditional&#8221; except that the indenture provides for an individual subsidiary&#8217;s guarantee to be automatically released in certain customary circumstances, such as in connection with a sale or other disposition of all or substantially all of the assets of the subsidiary, in connection with the sale of a majority of the capital stock of the subsidiary, if the subsidiary was designated as an &#8220;unrestricted subsidiary&#8221; in accordance with the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2022 Logistics Senior Notes. The 2022 Logistics Senior Notes were redeemed in full on July 16, 2020 at 100% of their face amount, plus accrued and unpaid interest to the redemption date with the proceeds of the Logistics Co-Issuer&#8217;s $500,000 at a fixed rate of 10.75% Senior Secured Notes due 2025 (the &#8220;2025 Logistics Senior Notes&#8221;). Following this transaction, Navios Logistics recognized a loss of $2,661 relating to the accelerated amortization of the unamortized deferred financing costs and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Gain on bond and debt extinguishment, net&#8221;.</font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">2025 </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> Senior Notes</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On July 8, 2020, Navios Logistics and its wholly-owned subsidiary Logistics Finance issued $500,000 in aggregate principal amount of senior secured Notes due on July 1, 2025, at a fixed rate of 10.75%. The net proceeds from the offering of the 2025 Logistics Senior Notes, amounting to $487,504, were used to satisfy and discharge the indenture governing the 2022 Logistics Senior Notes, amounting to $375,000, to repay all amounts outstanding under the Navios Logistics&#8217; Term Loan B Facility, amounting to $97,500 and to pay certain fees and expenses related to the offering, with the balance to be used for general corporate purposes. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On or after August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2022, the Logistics Co-Issuers may redeem some or all of the 2025 Logistics Senior Notes at the redemption prices set forth in the indenture governing the 2025 Logistics Senior Notes. In addition, before August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2022, the Logistics Co-Issuers may redeem up to 35% of the aggregate principal amount of the 2025 Logistics Senior Notes at a price equal to 110.750% of the principal amount of the 2025 Logistics Senior Notes to be redeemed plus accrued and unpaid interest, if any, to the redemption date with an amount equal to the net cash proceeds of one or more equity offerings so long as at least 50% of the originally issued aggregate principal amount of the 2025 Logistics Senior Notes remains outstanding. Prior to August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2022, the Logistics Co-Issuers may also redeem all or a part of the 2025 Logistics Senior Notes at a redemption price equal to the sum of: (a) 100% of the principal amount of the 2025 Logistics Senior Notes to be redeemed; plus (b)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the applicable &#8220;make-whole&#8221; premium described in the Indenture governing the 2025 Logistics Senior Notes, plus (c)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">accrued and unpaid interest, if any, on the 2025 Logistics Senior Notes to be redeemed, to (but excluding) the applicable redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on all the relevant interest payment date. The Logistics Co-Issuers may also redeem all, but not less than all, of the 2025 Logistics Senior Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any, upon certain changes in law that would trigger the payment of withholding taxes. Furthermore, upon the occurrence of certain change of control events, the Logistics Co-Issuers may be required to offer to purchase 2025 Logistics Senior Notes from holders at a price equal to 100% of the principal amount plus accrued and unpaid interest, if any.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The 2025 Logistics Senior Notes are senior secured obligations of the Logistics Co-Issuers and rank equal in right of payment to all of their existing and future senior indebtedness and senior in right of payment to all of their future subordinated indebtedness. The 2025 Logistics Senior Notes are fully and unconditionally guaranteed, jointly and severally, by all of the Navios Logistics&#8217; direct and indirect subsidiaries, other than the Logistics Co-Issuer and Grimaud Ventures S.A. The 2025 Logistics Senior Notes are secured by (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">first priority ship mortgages on four tanker vessels servicing the Navios Logistics&#8217; cabotage business (the (1)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Elena H, (2)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Makenita H, (3)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Sara H and (4)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">He Man H) owned by certain subsidiary guarantors (such guarantors, the &#8220;Mortgaged Vessel Guarantors&#8221;) and related assignments of earnings and insurance together with a first priority lien on the capital stock of each Mortgaged Vessel Guarantor; and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">an assignment by way of security of the Vale port contract (collectively, the &#8220;Collateral&#8221;). The 2025 Logistics Senior Notes will be effectively senior to all existing and future obligations of the subsidiary guarantors that own Collateral to the extent of the value of the Collateral but effectively junior to any existing and future secured obligations of the Logistics Co-Issuers and the subsidiary guarantors that are secured by assets other than the Collateral to the extent of the value of any assets securing such other obligations. The indenture governing the 2025 Logistics Senior Notes contains restrictive covenants that limit, among other things, the ability of the Logistics Co-Issuers and their subsidiaries to incur additional indebtedness, pay dividends and make distributions on common and preferred stock, make other restricted payments, make investments, incur liens, consolidate, merge, sell or otherwise dispose of all or substantially all of their assets and enter into certain transactions with affiliates, in each case, subject to exclusions, and other customary covenants. The indenture governing the 2025 Logistics Senior Notes also contains customary events of default.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Logistics Co-Issuers were in compliance with the covenants as of December 31, 2020.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, deferred financing costs associated with the 2025 Logistics Senior Notes amounted to $19,414. Interest expense associated with the 2025 Logistics Senior Notes amounted to $25,979 for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020.</font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios</font><font style="font-family:'Times New Roman'; font-style:italic"> </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> Notes Payable </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In connection with the purchase of mechanical equipment for the expansion of its dry port terminal, Corporacion Navios S.A. (&#8220;CNSA&#8221;) entered into an unsecured export financing line of credit for a total amount of $41,964, including all related fixed financing costs of $5,949, available in multiple drawings upon the completion of certain milestones (&#8220;Drawdown Events&#8221;). CNSA incurs the obligation for the respective amount drawn by signing promissory notes (&#8220;Navios Logistics Notes Payable&#8221;). Each drawdown is repayable in 16 consecutive semi-annual installments, starting six months after the completion of each Drawdown Event. Together with each Navios Logistics Notes Payable, CNSA shall pay interest equal to six-month LIBOR. The unsecured export financing line is fully and unconditionally guaranteed by Ponte Rio S.A. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Logistics had drawn the total available amount and the outstanding balance of Navios Logistics Notes Payable was $17,842. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> BBVA Loan Facility and Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> New BBVA Loan Facility</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2016, Navios Logistics entered into a $25,000 facility with Banco Bilbao Vizcaya Argentaria Uruguay S.A.</font><font style="font-family:'Times New Roman'"> (&#8220;BBVA&#8221;), for general corporate purposes (the &#8220;Navios Logistics BBVA Loan Facility&#8221;). The loan bore interest at a rate of LIBOR (180 days) plus 325 basis points. The loan was repayable in 20 quarterly installments, the first payment of which was due on June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">19, 2017, and secured by assignments of certain receivables. On July 8, 2020, this loan was repaid in full in connection with drawing the Navios Logistics New BBVA Loan Facility. On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2020, Navios Logistics entered into a $25,000 loan facility (the &#8220;Navios Logistics New BBVA Loan Facility&#8221;) with BBVA, which was drawn on July 8, 2020. The Navios Logistics New BBVA Loan Facility was used to repay the Navios Logistics BBVA Loan Facility, and for general corporate purposes. The Navios Logistics New BBVA Loan Facility bears interest at a rate of LIBOR (180 days) plus 325 basis points, is repayable in quarterly installments with final maturity on March 31, 2022 and is secured by assignments of certain receivables. As at December 31, 2020 the outstanding amount of the Navios Logistics New BBVA Loan Facility was $22,000.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Navios </font><font style="font-family:'Times New Roman'">Logistics</font><font style="font-family:'Times New Roman'"> was in compliance with the covenants set forth in the Navios Logistics New BBVA Loan Facility as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> Alpha Bank Loan </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2017, Navios Logistics entered into a $14,000 term loan facility in order to finance the acquisition of two product tankers (&#8220;Navios </font><font style="font-family:'Times New Roman'">Logistics</font><font style="font-family:'Times New Roman'"> Alpha Bank Loan&#8221;). The Navios Logistics Alpha Bank Loan bears interest at a rate of LIBOR (90 days) plus 315 basis points and is repayable in 20 quarterly installments with a final balloon payment of $7,000 on the last repayment date. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding amount of the loan was $9,100. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Navios </font><font style="font-family:'Times New Roman'">Logistics</font><font style="font-family:'Times New Roman'"> was in compliance with the covenants set forth in the Navios Logistics Alpha Bank Loan as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> Credit Agreement </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">17, 2018, Navios Logistics entered into a $7,615 (&#8364;6,200) credit agreement in order to finance the 50% of the purchase price of a river and estuary tanker. The credit agreement bore interest at a fixed rate of 675 basis points and was repayable in 24 monthly installments with the final repayment in August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">17, 2020. On August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">26, 2019, Navios Logistics prepaid the total outstanding balance of the credit agreement, which was $3,808 (&#8364;3,100). </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios Logistics Term Loan B Facility </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:47.3pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">On </font><font style="font-family:'Times New Roman'; font-size:10pt">November</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">3, 2017, Navios Logistics and Logistics Finance, as co-borrowers, completed the issuance of a $100,000 Term Loan B Facility (the &#8220;Navios Logistics Term Loan B Facility&#8221;). The Navios Logistics Term Loan B Facility bore an interest rate of LIBOR plus 475 basis points and has a four-year term with 1.0% amortization per annum. The Navios Logistics Term Loan B Facility was repaid in full on July 8, 2020 at par plus accrued and unpaid interest to the repayment date with the proceeds of the 2025 Logistics Senior Notes. Following this transaction, Navios Logistics</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">recognized a loss of $1,496 relating to the accelerated amortization of the unamortized deferred financing costs and is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Gain on bond and debt extinguishment, net&#8221;.</font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Seller&#8217;s Credit Agreement for the construction of six liquid barges </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In December 2020, Navios Logistics entered into a $13,475 seller&#8217;s credit agreement for the construction of six liquid barges to be made available by way of credit in six equal tranches. Each drawdown is repayable in 20 quarterly installments starting from the delivery of each barge. The seller&#8217;s credit for the construction of the six liquid barges bears interest at a fixed rate of 8.5%. As of December 31, 2020, Navios Logistics had drawn $11,229 and the outstanding balance was $11,047. Interest expense associated with the seller&#8217;s credit agreement for the construction of six liquid barges amounted to $176 for the year ended December 31, 2020.</font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Navios </font><font style="font-family:'Times New Roman'; font-style:italic">Logistics</font><font style="font-family:'Times New Roman'; font-style:italic"> Other long-term loans </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In connection with the acquisition of Hidronave S.A. on October</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2009, Navios Logistics assumed a $817 loan facility that was entered into by Hidronave S.A. in 2001, in order to finance the construction of the pushboat Nazira. The loan facility bears interest at a fixed rate of 600 basis points. The loan is repayable in monthly installments of $6 each and the final repayment must occur prior to August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2021. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the outstanding loan balance was $46.</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Logistics was in </font><font style="font-family:'Times New Roman'">compliance</font><font style="font-family:'Times New Roman'"> with all the covenants set forth in this facility as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">During the year ended December</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">31, 2020, the Company in relation to its secured credit facilities paid $28,582 related to scheduled repayment installments, $38,556 related to the prepayment of two of Navios Holdings&#8217; credit facilities and $97,500 related to the prepayment of Navios Logistics&#8217; Term Loan B Facility. During the year ended December</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">31, 2020, the proceeds from the Sale and Leaseback Agreements for Navios Holdings were $66,862, net of deferred financing costs, the proceeds from the New BBVA Facility were $13,625 and the proceeds from</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">Seller&#8217;s Credit Agreement for the construction of six liquid barges were $11,229. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The annual weighted </font><font style="font-family:'Times New Roman'">average</font><font style="font-family:'Times New Roman'"> interest rates of the Company&#8217;s total borrowings were 7.89%, 7.70%, and 7.78% for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The maturity table below </font><font style="font-family:'Times New Roman'">reflects</font><font style="font-family:'Times New Roman'"> the principal payments for the next five years and thereafter of all borrowings of Navios Holdings (including Navios Logistics) outstanding as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, based on the repayment schedules of the respective loan facilities and the outstanding amount due under the debt securities. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:12.15pt"><td style="width:370.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_85ec3b884d8e4c17ad944dbd66289006"><font style="font-family:Arial; font-weight:bold">Year</font></a></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2021</font><font style="font-family:Arial">(including total accrued interest of $852 of NSM Loan &amp; $50.0 million NSM Loan)</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">380,308</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">592,231</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2023</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">50,346</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2024</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,683</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2025</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">507,925</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:370.85pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2026 and thereafter</font></p></td><td style="width:17.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,225</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:15.25pt"><td style="width:370.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:17.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,612,718</font></p></td><td style="width:4.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse"><tr style="height:20.85pt"><td style="width:35.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:1.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="6" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.5pt"><td style="width:35.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:18pt"><td style="width:35.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:1.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991 </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991 </font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:35.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303 </font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303 </font></p></td><td style="width:1.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736 </font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736 </font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:35.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:1.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189 </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189 </font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.85pt"><td style="width:35.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan receivable from affiliate companies</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495 </font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495 </font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:35.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Long-term receivable from affiliate company</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328 </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328 </font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:35.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Senior and ship mortgage notes, net</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,263,566)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,054,616)</font></p></td><td style="width:1.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,170,679)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(875,228)</font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:35.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, including current portion</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(191,636)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(193,043)</font></p></td><td style="width:1.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(262,030)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(264,498)</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:35.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loans payable to affiliate companies, including current portion</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(129,227)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(129,227)</font></p></td><td style="width:1.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538)</font></p></td><td style="width:1.56%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538) </font></p></td><td style="width:1.64%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:13.5pt"><td style="width:35.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term payable to affiliate companies</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial"> </font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:9.48%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:8.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000)</font></p></td><td style="width:1.56%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.76%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000)</font></p></td><td style="width:1.64%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:166.55pt"></td><td style="width:8.75pt"></td><td style="width:19pt"></td><td style="width:41.7pt"></td><td style="width:7.3pt"></td><td style="width:9.75pt"></td><td style="width:8.35pt"></td><td style="width:44.4pt"></td><td style="width:7.2pt"></td><td style="width:8.7pt"></td><td style="width:19.05pt"></td><td style="width:41.7pt"></td><td style="width:7.3pt"></td><td style="width:9.75pt"></td><td style="width:17.65pt"></td><td style="width:42.1pt"></td><td style="width:0.05pt"></td><td style="width:8.7pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:180.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="14" style="width:294.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:180.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:25.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:65.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:70.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="width:3.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:8.25pt"><td style="width:180.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:16pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:32.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:180.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">222</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:32.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">222</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.75pt"><td style="width:179.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="14" style="width:293.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td colspan="2" style="width:3.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:27.15pt"><td style="width:179.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:25.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:65.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:3.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="width:3.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:16.95pt"><td style="width:179.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:4.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:8.5pt"><td style="width:179.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:15.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">189</font></p></td><td style="width:4.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">189</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:179.95pt"></td><td style="width:18.35pt"></td><td style="width:9.55pt"></td><td style="width:15.95pt"></td><td style="width:4.45pt"></td><td style="width:18.35pt"></td><td style="width:32.4pt"></td><td style="width:33.15pt"></td><td style="width:4.45pt"></td><td style="width:18.35pt"></td><td style="width:30pt"></td><td style="width:40.2pt"></td><td style="width:3.8pt"></td><td style="width:18.35pt"></td><td style="width:23.95pt"></td><td style="width:40.55pt"></td><td style="width:3.25pt"></td><td style="width:0.4pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:194.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:281.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements at December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:194.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan receivable from affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term receivable from affiliate company</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Senior and ship mortgage notes</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,054,616</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,045,990)</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(8,626)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, including current portion</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(193,043</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(193,043)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loans payable to affiliate companies, including current portion</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(129,227</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial">(129,227)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term payable to affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:194.4pt"></td><td style="width:18pt"></td><td style="width:13.5pt"></td><td style="width:46.8pt"></td><td style="width:7.8pt"></td><td style="width:8.4pt"></td><td style="width:9pt"></td><td style="width:48.6pt"></td><td style="width:5.25pt"></td><td style="width:13.1pt"></td><td style="width:11.15pt"></td><td style="width:39.2pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:18.15pt"></td><td style="width:39.2pt"></td><td style="width:0.3pt"></td><td style="width:3.05pt"></td></tr></table></div><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:213.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:267.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements at December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:3.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:213.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:46.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan receivable from affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term receivable from affiliate company</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Senior and ship mortgage notes</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(875,228</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(866,602)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(8,626)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, including current portion</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(264,498</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(264,498) </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loans payable to affiliate companies, including current portion</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term payable to affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:213.2pt"></td><td style="width:13.1pt"></td><td style="width:9.6pt"></td><td style="width:36.8pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:11.15pt"></td><td style="width:39.2pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:11.15pt"></td><td style="width:39.2pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:18.15pt"></td><td style="width:39.2pt"></td><td style="width:0.3pt"></td><td style="width:3.05pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:543.1pt; border-collapse:collapse; text-align:left"><tr style="height:25.45pt"><td style="width:21.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1)</font></p></td><td style="width:521.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">The fair value of the Company&#8217;s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company&#8217;s creditworthiness.</font></p></td></tr><tr style="height:25.45pt"><td style="width:21.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2)</font></p></td><td style="width:521.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">The fair value of the Company&#8217;s loan receivable from/payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty&#8217;s creditworthiness.</font></p></td></tr><tr style="height:25.45pt"><td style="width:21.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:521.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:5.4pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:21.75pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:46.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:72pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels, port terminals and other fixed assets, net</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">38,054</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,644</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">31,410</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating lease assets</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,018</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,018</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:30.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:36.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">48,072</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:27pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">6,644</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">41,428</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:30.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:5.4pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:21.75pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:46.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:72pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels, port terminals and other fixed assets, net</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">62,397</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,497</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">54,900</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating lease assets</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">89,945</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">89,945</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:30.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:36.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">152,342</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:27pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,497</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">144,845</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:30.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:151.45pt"></td><td style="width:23pt"></td><td style="width:9.45pt"></td><td style="width:36.6pt"></td><td style="width:8.5pt"></td><td style="width:14pt"></td><td style="width:27pt"></td><td style="width:45pt"></td><td style="width:9pt"></td><td style="width:13.5pt"></td><td style="width:18pt"></td><td style="width:45pt"></td><td style="width:9pt"></td><td style="width:13.5pt"></td><td style="width:31.5pt"></td><td style="width:0.8pt"></td><td style="width:30.7pt"></td><td style="width:3.45pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:197.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:40.7pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Options</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:51.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Shares</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">exercise</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">price</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">remaining</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">term</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Aggregate</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">fair value</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">790,458</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">29.8</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.80</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,539</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">136,011</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Exercisable at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">136,011</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(128,481</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,843</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">661,977</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">28.2</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.36</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,696</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">116,667</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Exercisable at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">116,667</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(132,209</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(682</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">529,768</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">26.6</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2.96</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,014</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">83,333</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Exercisable at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">83,333</font></p></td><td style="width:7.8pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(67,475</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,199</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December 31, 2020</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">462,293</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">17.9</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2.25</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3,815</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Restricted stock and restricted stock units</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">701,731</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.09</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">9,059</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">287,500</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">863</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(279,071</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,425</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(450</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">709,710</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.11</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">6,490</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">167,515</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">476</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(180,469</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,595</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,367</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(42</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">693,389</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2.32</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,329</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(309,664)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2,858</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,345)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(17</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">382,380</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1.72</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,453</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 14: COMMITMENTS AND CONTINGENCIES </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the Company was contingently liable for letters of guarantee and letters of credit amounting to $10 (December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019: $10 ) issued by various banks in favor of various organizations and the total amount was collateralized by cash deposits, which were included as a component of restricted cash. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In December 2017, Navios Holdings agreed to charter-in, under a ten year bareboat contract, from an unrelated third party the Navios Galaxy II, a newbuilding bulk carrier vessel of 81,789 dwt. On March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2020, Navios Holdings took delivery of the Navios Galaxy II. The Company has agreed to pay in total $5,410 representing a deposit for the option to acquire the vessel, of which $2,705 was paid during the year ended December 31, 2019. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the total amount of $6,704, including expenses and interest, is presented within the caption &#8220;Other long-term assets&#8221;. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In January 2018, Navios Holdings agreed to charter-in, under two ten-year bareboat contracts, from an unrelated third party the Navios Herakles I and the Navios Uranus, two newbuilding bulk carriers of 82,036 dwt and 81,516 dwt, respectively. On August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2019, Navios Holdings took delivery of the Navios Herakles I. On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2019, Navios Holdings took delivery of the Navios Uranus. Navios Holdings has agreed to pay in total $11,140, representing a deposit for the option to acquire these vessels, of which $8,340 was paid during the year ended December 31, 2018 and the remaining $2,800 was paid during the year ended December 31, 2019. As of December 31, 2020, the total amount of $14,070, including expenses and interest, is presented within the caption &#8220;Other long-term assets&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In April 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Felicity I, a </font><font style="font-family:'Times New Roman'">newbuilding</font><font style="font-family:'Times New Roman'"> bulk carrier of 81,946 dwt. On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">17, 2020, Navios Holdings took delivery of the Navios Felicity I. Navios Holdings has agreed to pay in total $5,590, representing a deposit for the option to acquire this vessel, of which $2,795 was paid during the year ended December 31, 2018 and the remaining $2,795 was paid during the year ended December 31, 2019. As of December 31, 2020, the total amount of $7,193, including expenses and interest, is presented within the caption &#8220;Other long-term assets&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In October 2018, Navios Holdings agreed to charter-in, under one ten-year bareboat contract, from an unrelated third party the Navios Magellan II, a newbuilding bulk carrier of 82,037 dwt. On May 15, 2020, Navios Holdings took delivery of the Navios Magellan II. Navios Holdings has agreed to pay in total $5,820, representing a deposit for the option to acquire this vessel, of which $2,910 was paid during the year ended December 31, 2018 and the remaining $2,910 was paid during the year ended December 31, 2019. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the total amount of $7,506, including expenses and interest, is presented within the caption &#8220;Other long-term assets&#8221;. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Logistics has issued a guarantee and indemnity letter that guarantees the performance by Petrolera San Antonio S.A. (a consolidated subsidiary) of all its obligations to Vitol S.A. up to $12,000. This guarantee expires on March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2022. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">22, 2016, Navios Logistics guaranteed the compliance of certain obligations related to Edolmix S.A. and Energ&#237;as Renovables del Sur S.A. (entities wholly owned by Navios Logistics) under their respective direct user agreements with the Free Zone of Nueva Palmira, for </font><font style="font-family:'Times New Roman'">the</font><font style="font-family:'Times New Roman'"> amounts of $847 and $519, respectively. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">16, 2018, there was a fire incident at the iron ore port terminal in Nueva Palmira, Uruguay, for which Navios Logistics maintains </font><font style="font-family:'Times New Roman'">property</font><font style="font-family:'Times New Roman'"> and loss of earnings insurance coverage for such types of events (subject to applicable deductibles and other customary limitations). As of December 31, 2019, the full amount has been collected in relation to this insurance claim. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2020, Navios Logistics agreed to a settlement regarding a storage and transshipment contract in the grain port terminal for a total amount of $4,140, which will be collected in three equal installments of $1,380 on June 1, 2021, 2022 and 2023. For the year ended December 31, 2020, a gain of $4,102 was included within the caption &#8220;Other income&#8221; in the consolidated statements of comprehensive (loss)/income. The Company is involved in various disputes and arbitration proceedings arising in the ordinary course of business. Provisions have been recognized in the financial statements for all such proceedings where the Company believes that a liability may be probable, and for which the amounts can be reasonably estimated, based upon facts known on the date the financial statements were prepared. Although </font><font style="font-family:'Times New Roman'">the</font><font style="font-family:'Times New Roman'"> Company cannot predict with certainty the ultimate resolutions of these matters, in the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company&#8217;s financial position, results of operations or liquidity. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In the third quarter of 2020, Navios Logistics signed a binding letter of intent to acquire three pushboats and 18 tank barges (the &#8220;Navios Logistics&#8217; 2020 Fleet&#8221;), operating in the Hidrovia Waterway, for a purchase price of $30,000. Included as a component of the acquisition of the Navios Logistics&#8217; 2020 Fleet is a firm customer contract, in the form of </font><font style="font-family:'Times New Roman'; background-color:#ffffff">a contract of affreightment for the transportation of a minimum of 1,250,000 cubic meters of fuel during a period of up to five years (</font><font style="font-family:'Times New Roman'">&#8220;the 2020 Fleet COA&#8221;). The acquisition will be funded with $15,000 from existing cash to be paid at closing and sellers&#8217; financing of $15,000, bearing interest at a fixed rate of 5% per annum, payable in three equal annual installments.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr style="height:49.5pt"><td style="width:141.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:51.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease assets</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Charter-in contracts </font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">219,574</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">255,153</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">219,574</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">255,153</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Land lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,660</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,660</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Office lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">510</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,192</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">510</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,192</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:44.7pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">219,574</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">255,153</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,388</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.55pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,852</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">227,962</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:35.7pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">264,005</font></p></td><td style="width:4.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease liabilities, current portion</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">81,276</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">86,636</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">685</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">338</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">685</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:44.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">81,276</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">86,636</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">139</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.55pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">467</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">81,415</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:35.7pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">87,103</font></p></td><td style="width:4.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease liabilities, net of current portion</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Charter-in contracts</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">185,092</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">217,932</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">185,092</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">217,932</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Land lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,077</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,077</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Office lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">181</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">519</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">181</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">519</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:44.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">185,092</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">217,932</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,258</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,397</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">193,350</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:35.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">226,329</font></p></td><td style="width:4.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">(1)Based on the net present value of the remaining charter-in and rental payments for existing operating leases</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:447.2pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.4pt"><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for charter-in contracts</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,545</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,587</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">101,132</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for land lease agreements</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">564</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">564</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for office lease agreements</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">600</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">600</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">94,545</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,751</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">102,296</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:447.2pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.4pt"><td style="width:196.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:76pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:71.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:77.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for charter-in contracts</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:67.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">117,562</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:62.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,865</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:73.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">121,427</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for land lease agreements</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:67.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">552</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">552</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for office lease agreements</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:67.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,825</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">676</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,501</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:67.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">119,387</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,093</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:73.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">124,480</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.8pt"><td style="width:195.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:75.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:74.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:75.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for charter-in contracts</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">131,438</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:66.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">114</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">131,552</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for land lease agreements</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">344</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">344</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for office lease agreements</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,174 </font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">702</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,876 </font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:69.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">133,612</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,160</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:69.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">134,772</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:31.2pt"><td style="width:275.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Charter-in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">vessels in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">operation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Land Leases</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Office</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">space</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2021</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100,690</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">356</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2022</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63,995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">101</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2023</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">54,148</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">81</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2024</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">39,788</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2025</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">19,076</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2026 and thereafter</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">45,934</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,446</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:48.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">323,631</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">25,226</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">538</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease liabilities, including current portion</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:48.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">266,367</font></p></td><td style="width:4.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,878</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">519</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Discount based on incremental borrowing rate</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:48.5pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">57,264</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.8pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">17,348</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:58.9pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">19</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:227.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:227.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:55.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">bulk</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">vessels</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">business</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2021</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">36,850</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">119,181</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; background-color:#cceeff">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">95,041</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2023</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">82,671</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2024 </font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; background-color:#cceeff">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">71,458</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.75pt"><td style="width:227.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2025 </font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">71,427</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2026 and thereafter</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; background-color:#cceeff">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">583,645</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total minimum revenue, net of commissions</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">36,850</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,023,423</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 16: TRANSACTIONS WITH RELATED PARTIES </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Sale of Management: </font><font style="font-family:'Times New Roman'">In August 2019, Navios Holdings sold its ship management division, the general partnership interests in Navios Partners (except for the incentive distribution rights) and Navios Containers GP LLC to NSM, affiliated with Company&#8217;s Chairman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of $20,000 (including assumption of liabilities) and five-year service agreements under which NSM provides technical and commercial management services at a fixed rate of $3.7 per day per vessel until August 2021 which will increase thereafter by 3% annually, unless otherwise agreed, and administrative services, reimbursed at allocable cost. As a result of the Transaction the Company is a holding company owning dry bulk vessels and various investments in entities owning maritime and infrastructure assets. NSM owns all entities providing ship management services and employs all associated people. NSM owns the general partner interests in Navios Containers and Navios Partners. The Company simultaneously entered into a secured credit facility with NSM whereby the Company agreed to repay NSM a loan of $141,795 (including post-closing adjustments). See also &#8220;NSM Loan&#8221; below. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Office Rent: </font><font style="font-family:'Times New Roman'">The Company had entered into lease agreements with Goldland Ktimatiki-Ikodomiki-Touristiki Xenodohiaki Anonimos Eteria, Emerald Ktimatiki-Ikodomiki Touristiki Xenodohiaki Anonimos Eteria and Infraco Limited, all of which are Greek corporations that are currently majority-owned by Angeliki Frangou, Navios Holdings&#8217; Chairman and Chief Executive Officer. The lease agreements provided for the leasing of facilities located in Piraeus, Greece to house the operations of most of the Company&#8217;s subsidiaries. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, Navios Holdings has no office lease obligations. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Purchase of Services: </font><font style="font-family:'Times New Roman'">The Company utilized its former affiliate company, Acropolis, as a broker until the sale of its investment on December 6, 2018. Commissions charged from Acropolis for each of the years ended December 31, 2019, 2018 and 2017 were $0 for all periods. Included in the trade accounts payable at both December 31, 2020 and 2019 was an amount due to Acropolis of $76. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Vessel Operating Expenses (management fees): </font><font style="font-family:'Times New Roman'">Prior to the sale of the management division effected on August 30, 2019, Navios Holdings provided commercial and technical management services to the owned vessels of Navios Partners, Navios Acquisition and Navios Containers for certain contracted daily fixed fees under the existing management agreements. Drydocking and special survey expenses were reimbursed at cost. In addition, Navios Holdings provided commercial and technical management services to Navios Europe I&#8217;s and Navios Europe II&#8217;s owned vessels which under the management agreements in place were reimbursed at cost. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM. For the period from January 1, 2019 to August 30, 2019, certain extraordinary fees and costs related to regulatory requirements under the management agreements in place amounted to $15,750 (for the year ended December 31, 2018: $0) and are presented within the caption &#8220;Other income&#8221;. Total management fees for vessel operating expenses for the period from January 1, 2019 to August 30, 2019 and for the year ended December 31, 2018, amounted to $149,184 and $206,427, respectively, and are presented net within the caption &#8220;Direct vessel expenses&#8221;. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Following the sale of the management division effected on August 30, 2019, outlined in Note 3, and pursuant to the Management Agreement, NSM provides commercial and technical management services to Navios Holdings&#8217; vessels. The term of this agreement is for an initial period of five years with an automatic extension period of five years thereafter unless a notice for termination is received by either party. The fee for the ship management services provided by NSM is a daily fee of $3.7 per day per owned vessel. This rate is fixed until August 2021 and will increase thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by NSM is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August 29, 2024. Total management fees for vessel operating expenses for the year ended December 31, 2020 and for the period from August 30, 2019 to December 31, 2019 amounted to $45,487 and $14,372, respectively, and are presented within the caption &#8220;Direct vessel expenses&#8221;. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Partners Guarantee: </font><font style="font-family:'Times New Roman'">In November 2012 (as amended in March 2014), the Company entered into an agreement with Navios Partners (the &#8220;Navios Partners Guarantee&#8221;) to provide Navios Partners with guarantees against counterparty default on certain existing charters, which had previously been covered by the charter insurance for the same vessels, same periods and same amounts. As of December 31, 2019 the outstanding balance of the claim was $10,000. In October 2020, the Company paid an amount of $5,000 to Navios Partners. As of December 31, 2020 the outstanding balance of the claim was $5,000. In April 2021, the Company paid the amount of $5,000 to Navios Partners as the final settlement of the outstanding balance of the claim.</font><font style="font-family:'Times New Roman'">&#xa0; </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">General and Administrative Expenses incurred on behalf of affiliate companies/Administrative fee revenue from affiliate companies: </font><font style="font-family:'Times New Roman'">Navios Holdings provided administrative services to Navios Partners, Navios Acquisition, Navios Containers, Navios Europe I and Navios Europe II. Navios Holdings was reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM. Total general and administrative fees for the period from January 1, 2019 to August 30, 2019 and for the year ended December 31, 2018, amounted to $16,991 and $28,393, respectively. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings provided administrative services to Navios Logistics. In April 2016, Navios Holdings extended the duration of its existing administrative services agreement with Navios Logistics until December 2021, pursuant to its existing terms. Navios Holdings was reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. Following the sale of the management division effected on August 30, 2019, outlined in Note 3, these services are provided by NSM. Total general and administrative fees for the period from January 1, 2019 to August 30, 2019 and for the year ended December 31, 2018 amounted to $763 and $1,000, respectively. The general and administrative fees for these periods have been eliminated upon consolidation. Total general and administrative fees charged for the year ended December 31, 2020 and for the period from August 30, 2019 to December 31, 2019 amounted to $1,144 and $381, respectively. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Following the sale of the management division effected on August 30, 2019, outlined in Note 3 and pursuant to the Administrative Services Agreement, NSM provides administrative services to Navios Holdings. NSM is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August 29, 2024. Total general and administrative expenses attributable to this agreement for the year ended December 31, 2020 and for the period from August 30, 2019 to December 31, 2019, amounted to $9,371 and $2,952, respectively. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance due to/from affiliate companies (excluding Navios Europe I and Navios Europe II): </font><font style="font-family:'Times New Roman'">Balance due to NSM as of December 31, 2020 amounted to $22,114 (December 31, 2019: $1,353), the Long-term receivable from NSM as of December 31, 2020 amounted to $0 (as of December 31, 2019: $5,328). Balance due to Navios Partners as of December 31, 2020 amounted to $5,000 (December 31, 2019: $5,000) and the Long-term payable to Navios Partners amounted to $0 (December 31, 2019: $5,000) in relation to the Navios Partners Guarantee. Balance due from Navios Acquisition as of December 31, 2020 amounted to $243 (December 31, 2019: $1,460) and related to declared dividend.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020 the balance mainly consisted of management fees for vessel operating expenses, payments to NSM in accordance with the Management Agreement and other amounts in connection with dry-dock, ballast water treatment system and special survey of our vessels. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Omnibus Agreements: </font><font style="font-family:'Times New Roman'">Navios Holdings has entered into an omnibus agreement with Navios Partners (the &#8220;Partners Omnibus Agreement&#8221;) in connection with the closing of Navios Partners&#8217; IPO governing, among other things, when Navios Holdings and Navios Partners may compete against each other as well as rights of first offer on certain dry bulk carriers. Pursuant to the Partners Omnibus Agreement, Navios Partners generally agreed not to acquire or own Panamax or Capesize dry bulk carriers under time charters of three or more years without the consent of an independent committee of Navios Partners. In addition, Navios Holdings has agreed to offer to Navios Partners the opportunity to purchase vessels from Navios Holdings when such vessels are fixed under time charters of three or more years. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings entered into an omnibus agreement with Navios Acquisition and Navios Partners (the &#8220;Acquisition Omnibus Agreement&#8221;) in connection with the closing of Navios Acquisition&#8217;s initial vessel acquisition, pursuant to which, among other things, Navios Holdings and Navios Partners agreed not to acquire, charter-in or own liquid shipment vessels, except for containership vessels and vessels that are primarily employed in operations in South America, without the consent of an independent committee of Navios Acquisition. In addition, Navios Acquisition, under the Acquisition Omnibus Agreement, agreed to cause its subsidiaries not to acquire, own, operate or charter dry bulk carriers subject to specific exceptions. Under the Acquisition Omnibus Agreement, Navios Acquisition and its subsidiaries granted to Navios Holdings and Navios Partners, a right of first offer on any proposed sale, transfer or other disposition of any of its dry bulk carriers and related charters owned or acquired by Navios Acquisition. Likewise, Navios Holdings and Navios Partners agreed to grant a similar right of first offer to Navios Acquisition for any liquid shipment vessels it might own. These rights of first offer will not apply to a (i) sale, transfer or other disposition of vessels between any affiliated subsidiaries, or pursuant to the terms of any charter or other agreement with a counterparty, or (ii) merger with or into, or sale of substantially all of the assets to, an unaffiliated third party. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings entered into an omnibus agreement with Navios Midstream, Navios Acquisition and Navios Partners in connection with the Navios Midstream IPO, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have agreed not to acquire or own any VLCCs, crude oil tankers, refined petroleum product tankers, LPG tankers or chemical tankers under time charters of five or more years without the consent of Navios Midstream. The omnibus agreement contains significant exceptions that will allow Navios Acquisition, Navios Holdings, Navios Partners or any of their controlled affiliate companies to compete with Navios Midstream under specified circumstances. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings entered into an omnibus agreement with Navios Containers, Navios Acquisition, and Navios Partners, pursuant to which Navios Acquisition, Navios Holdings, Navios Partners and their controlled affiliate companies generally have granted a right of first refusal to Navios Containers over any container vessels to be sold or acquired in the future, subject to significant exceptions that would allow Navios Acquisition, Navios Holdings and Navios Partners or any of their controlled affiliate companies to compete with Navios Containers under specified circumstances. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Midstream General Partner Option Agreement: </font><font style="font-family:'Times New Roman'">Navios Holdings entered into an option agreement, with Navios Acquisition under which Navios Acquisition, which owns and controls Navios Maritime Midstream Partners GP LLC (&#8220;Midstream General Partner&#8221;), granted Navios Holdings the option to acquire a minimum of 25% of the outstanding membership interests in Midstream General Partner and the incentive distribution rights in Navios Midstream representing the right to receive an increasing percentage of the quarterly distributions when certain conditions are met. The option shall expire on November 18, 2024. The purchase price for the acquisition for all or part of the option interest shall be an amount equal to its fair market value. As of December 31, 2020, Navios Holdings had not exercised any part of that option. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Sale of Vessels and Sale of Rights to Navios Partners: </font><font style="font-family:'Times New Roman'">Upon the sale of vessels to Navios Partners, Navios Holdings recognized the gain immediately in earnings only to the extent of the interest in Navios Partners owned by third parties and deferred recognition of the gain to the extent of its own ownership interest in Navios Partners (the &#8220;deferred gain&#8221;). Subsequently, the deferred gain was amortized to income over the remaining useful life of the vessel. The recognition of the deferred gain was accelerated in the event that (i) the vessel was subsequently sold or otherwise disposed of by Navios Partners or (ii) the Company&#8217;s ownership interest in Navios Partners was reduced. In connection with the public offerings of common units by Navios Partners and the sale of Navios Partners general partnership interest effected on August 30, 2019, referred in Note 3, a pro rata portion of the deferred gain was released to income upon dilution of the Company&#8217;s ownership interest in Navios Partners. As of January 1, 2020 the unamortized deferred gain of $6,285 was recorded as other adjustments within accumulated deficit. For the years ended December 31, 2020, 2019, and 2018, Navios Holdings recognized $0, $1,842 and $1,828 of the deferred gain, respectively, in &#8220;Equity in net losses of affiliate companies&#8221;. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In September 2020, Navios Holdings completed the sale of the Navios Gem, a 2014-built Capesize vessel of 181,336 dwt, and of the Navios Victory, a 2014-built Panamax vessel of 77,095 dwt, to Navios Partners for a sale price of $51,000 in total including net liabilities of $4,378.</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Participation in Offerings of Affiliate Companies: </font><font style="font-family:'Times New Roman'">Refer to Note 9 for Navios Holdings&#8217; participation in Navios Acquisition&#8217;s and Navios Partners&#8217; offerings. On February 4, 2015, Navios Holdings entered into a share purchase agreement with Navios Partners pursuant to which Navios Holdings made an investment in Navios Partners by purchasing common units, and general partnership interests, in order to maintain its 20.0% partnership interest in Navios Partners following its equity offering in February 2015. In connection with this agreement, Navios Holdings entered into a registration rights agreement with Navios Partners pursuant to which Navios Partners provided Navios Holdings with certain rights relating to the registration of the common units. Navios Holdings has entered into additional share purchase agreements on December 30, 2016, March 3, 2017, March 23, 2017, March 31, 2017, January 11, 2018, February 21, 2018, December 20, 2018 and February 1, 2019 for the purchase up to a total of 1,754,981 general partnership units. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance due from Navios Europe I: </font><font style="font-family:'Times New Roman'">Following the liquidation, the balance due from Navios Europe I as of December 31, 2020 and 2019 was $0. As a result of this liquidation, Navios Holdings received the outstanding receivable of $13,420, in December 2019. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Navios Revolving Loans I and the Navios Term Loans I earned interest and an annual preferred return, respectively, at 1,270 basis points per annum, on a quarterly compounding basis. There were no covenant requirements or stated maturity dates. As of December 31, 2019 the loan was fully received and there was no outstanding balance.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance due from Navios Europe II: </font><font style="font-family:'Times New Roman'">Navios Holdings, Navios Acquisition and Navios Partners had made available to Navios Europe II revolving loans of up to $43,500 to fund the Navios Revolving Loans II. In March 2017, the availability under the Navios Revolving Loans II was increased by $14,000 (see Note 9).</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On April 21, 2020, Navios Europe II agreed with the lender to fully release the liabilities under the Junior Loan II for $5,000. Navios Europe II owned seven containership vessels and seven drybulk vessels.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On May 14, 2020, an agreement was reached to liquidate Navios Europe II before its original expiration date. The transaction was completed on June 29, 2020.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As a result of this liquidation, Navios Holdings received the total outstanding balance due from Navios Europe II, representing the Navios Revolving Loans II, the Navios Term Loans II and accrued interest thereof directly owed to Navios Holdings, previously presented within the captions &#8220;Due from affiliate companies&#8221; and &#8220;Loans receivable from affiliate companies&#8221; and acquired two Panamax vessels of Navios Europe II (see Note 5).</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Following the Liquidation of Navios Europe II, the balance due from Navios Europe II as of December 31, 2020 was $0. As of December 31, 2019, Navios Holdings&#8217; balance due from Navios Europe II, amounted to $20,712, which included the net current receivable amount mainly consisting of $13,154, of accrued interest income earned under the Navios Revolving Loans II (as defined in Note 9) and the net non-current amount receivable of $7,558 related to the accrued interest income earned under the Navios Term Loans II (as defined in Note 9). The outstanding amount relating to Navios Holdings&#8217; portion under the Navios Revolving Loans II was $16,938 as of December 31, 2019, within the caption &#8220;Loan receivable from affiliate companies&#8221;.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Navios Revolving Loans II and the Navios Term Loans II earned interest and an annual preferred return, respectively, at 1,800 basis points per annum, on a quarterly compounding basis and were repaid from free cash flow (as defined in the loan agreement) to the fullest extent possible at the end of each quarter. There were no covenant requirements or stated maturity dates.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The decline in the fair value of the investment during the first quarter of 2020 was considered as other-than-temporary and, therefore, a loss of $6,050 was recognized and included in the accompanying consolidated statements of comprehensive (loss)/income for the year ended December 31, 2020, within the caption &#8220;Impairment of loan receivable from affiliate company&#8221;. The fair value was determined based on the liquidation value of Navios Europe II, including the individual fair values assigned to the assets and liabilities of Navios Europe II.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Secured credit facility with Navios Logistics: </font><font style="font-family:'Times New Roman'">On April 25, 2019, Navios Holdings entered into a secured credit facility of $50,000 with Navios Logistics to be used for general corporate purposes, including the repurchase of 2022 Notes. This credit facility is secured by (i) any 2022 Notes purchased by Navios Holdings with these funds and (ii) equity interests in five subsidiaries of the Company that have entered into certain bareboat contracts. The credit facility is available in multiple drawings, had an arrangement fee of $500 and originally bore a fixed interest rate of 12.75% for the first year and a fixed interest rate of 14.75% for the second year, payable annually. The secured credit facility includes negative covenants substantially similar to the 2022 Notes and customary events of default. In December 2019, Navios Holdings and Navios Logistics agreed to increase the amount by $20,000 and amended the interest rate of the whole facility to 12.75% or 10.0% if certain conditions were met. Following the satisfaction of those conditions in July 2020, the credit facility now matures in December 2024 and bears interest at a rate of</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">10.0% per annum. As of December 31, 2020, $70,000 was drawn under this facility, of which $18,726 was used to acquire the 2022 Notes from Navios Logistics and the remaining amount was used to repurchase 2022 Notes. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On June 25, 2020, Navios Holdings and Navios Logistics amended the secured credit facility with Navios Logistics to allow a portion of the total interest payable to be effected in common shares of Navios Holdings. On July 10, 2020, Navios Holdings issued 2,414,263 shares of common stock to Navios Logistics and paid Navios Logistics $2,308 in satisfaction of the interest payable in respect of this facility.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NSM Loan: </font><font style="font-family:'Times New Roman'">On August 29, 2019, Navios Holdings entered into a secured credit facility of $141,795 (including post-closing adjustments) with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM. In general, the amount owed reflects the excess of (i) the liabilities of the ship management business (including liabilities for advances previously made by affiliate companies to the Company for ongoing operating costs, including technical management services, supplies, dry-docking and related expenses) other than liabilities the assumption of which forms part of the consideration for the Transaction over (ii) the short term assets of the ship management business. The Company&#8217;s obligations under the NSM Loan are guaranteed by substantially the same subsidiaries that guarantee the 2022 Notes and secured by assets of the Company that do not secure the Ship Mortgage Notes or the 2022 Senior Secured Notes. The credit facility is repayable over a five-year period; of the initial amount, $47,000 was repayable in 2020 in equal quarterly installments, with the remaining principal repayment in equal quarterly installments over the following 48 months. In certain cases, principal payments can be deferred provided that no more than $20,000 of deferral may be outstanding during the first or second year and $10,000 outstanding in the third year. The loan agreement provides for interest at 5.0% annually, and 7.0% annually for deferred principal amounts. During December 2019, Navios Holdings repaid the amount of $13,420 under the terms of this facility. During June 2020 and July 2020, Navios Holdings repaid the amount of $31,500 and $18,500, respectively, under the terms of this facility.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance was $78,375 (December 31, 2019: $128,375) and the accrued interest was $526 (December 31, 2019: $2,163). Of the outstanding amount and accrued interest $10,328 (December 31, 2019: $22,552) is included within the caption &#8220;Current portion of loans payable to affiliate companies&#8221;. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">$50.0 million NSM Loan: </font><font style="font-family:'Times New Roman'">In June 2020, the Company entered into a secured loan agreement with Navios Shipmanagement Holdings Corporation, a wholly owned subsidiary of NSM, for a loan of up to $50,000 to be used for general corporate purposes. The terms and conditions of the secured loan agreement were approved by a Special Committee of the Board of Directors comprised of independent directors. The loan agreement will be repayable in up to 18 equal consecutive quarterly installments. Principal payments that fall due during the first year following the initial drawdown may be deferred, at the Company&#8217;s election, in whole or in part. The loan agreement provides for interest at a rate of 5.0% annually (and 7.0% annually for deferred principal amounts). </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the outstanding balance was $50,000 (December 31, 2019: $0) and the accrued interest was $326 (December 31, 2019: $0). Of the outstanding amount and accrued interest, $16,266 is included within the caption &#8220;Current portion of loans payable to affiliate companies&#8221;.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company&#8217;s obligations under the $50.0 million NSM Loan are guaranteed by first priority security interests in a vessel, as well as pledge of certain First Priority Ship Mortgage Notes due 2022 owned by Navios Holdings and 104,069 common units in Navios Containers and second priority pledge in respect of 2022 Notes owned by Navios Holdings.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Navios Logistics&#8217; Shareholders Agreement: </font><font style="font-family:'Times New Roman'">On November 19, 2019, Navios Holdings entered into a shareholder agreement with Peers Business Inc. granting certain protections to minority shareholders in certain events. </font></p><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE </font><font style="font-family:'Times New Roman'; font-weight:bold">17</font><font style="font-family:'Times New Roman'; font-weight:bold">: PREFERRED AND COMMON STOCK </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Reverse Stock Split </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2018, the Company&#8217;s common stockholders approved a one-for-ten reverse stock split of the Company&#8217;s outstanding shares of common stock (the &#8220;Reverse Stock Split&#8221;). The Reverse Stock Split was effective since January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2019 and the common stock commenced trading on that date on a split-adjusted basis. As a result of the Reverse Stock Split, every ten shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, without any change in authorized shares or the par value per share. All issued and outstanding shares of common stock, redemption and conversion terms of preferred stock, options to purchase common stock and per share amounts contained in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. The retroactive application of the Reverse Stock Split reduced the number of shares of common stock outstanding from 128,434,137 shares to 12,843,414 shares as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 and from 120,386,472 shares to 12,038,647 shares as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017. The par value of the common stock remained at $0.0001 per share. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Vested, Surrendered and Forfeited </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During 2020, 825 and 84,336 restricted stock units, issued to the Company&#8217;s employees in 2017 and 2016 vested. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During 2019, 825 and 334 restricted stock units, issued to the Company&#8217;s employees in 2017 and 2016 vested. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During 2018, 85,000 and 825 restricted stock units, issued to the Company&#8217;s employees in 2016 and 2017, vested. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, 1,345, 3,379 and 656 restricted shares of common stock, respectively, were forfeited upon termination of employment. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Conversion of Preferred Stock </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the year ended December 31, 2020, 210 shares of convertible preferred stock were converted into 22,712 shares of common stock including 1,712 shares of common stock being unpaid dividend. Following the conversion of 210 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $171. The cancelled undeclared dividend was converted to 1,712 shares of common stock with a fair value of $6 at the date of issuance (See also Note 20). </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, 3,289 shares of convertible preferred stock were converted into 352,770 shares of common stock including 23,870 shares of common stock being unpaid dividend. The shares of convertible preferred stock were converted pursuant to their original terms, which provided that ten years after the issuance date the then-outstanding shares of preferred stock would automatically convert into a number of fully paid and non-assessable shares of common stock determined by dividing the amount of the liquidation preference ($10,000 per share) by a conversion price equal to $10.00 per share of common stock. Following the conversion of 1,980 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $1,471. The cancelled undeclared dividend was converted to 14,711 shares of common stock with a fair value of $75 at the date of issuance (See also Note 20). Following the conversion of 1,309 shares, the Company cancelled the undeclared preferred dividend of the converted shares of $916. The cancelled undeclared dividend was converted to 9,159 shares of common stock with a fair value of $41 at the date of issuance (See also Note 20). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, there were no conversions of preferred stock. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Issuance of Cumulative Perpetual Preferred Stock </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company&#8217;s 2,000,000 American Depositary Shares, Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">G and the 4,800,000 American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G and Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">H, with a liquidation preference of $2,500 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">G at a rate of 8.75%</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">per annum and on the Series</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">H at a rate of 8.625%</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">per annum of the stated liquidation preference. The Company has accounted for these shares as equity. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Series G and Series H American Depositary Shares Exchange Offer </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2018, Navios Holdings announced that it commenced an offer to exchange cash and/or newly issued 2024 Notes for approximately 66 2/3% of each of the outstanding Series G Depositary Shares and Series H Depositary Shares. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of March</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2019, a total of 10,930 Series H were validly tendered representing a net aggregate nominal value of approximately $26,297. Navios Holdings paid $997 for tender offer expenses, approximately $4,188 as cash consideration and a total of approximately $4,747 in aggregate principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $16,365 was recorded in accumulated deficit. Following the completion of the offer, the Company cancelled the undeclared preferred dividend of Series H of $7,678. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2019, a total of 8,841 Series G were validly tendered representing a net aggregate nominal value of approximately $21,271. Navios Holdings paid $620 for tender offer expenses, approximately $4,423 cash consideration and issued a total of approximately $3,879 principal amount of 2024 Notes. The difference between the carrying amount of the preferred shares redeemed and the fair value of the consideration transferred amounting to $12,568 was recorded in accumulated deficit. Following the completion of the offer, the company cancelled the undeclared preferred dividend of series G of $6,798. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G and Series H. Total undeclared preferred dividends as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 were $25,222 (net of cancelled dividends). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017, the Company reached six quarterly dividend payments in arrears relating to its Series G and Series H and as a result the respective dividend rate increased by 0.25%. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Issuances to Employees, Officers and Directors </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On July 10, 2020, Navios Logistics declared and paid a $6,381 dividend in cash or in Navios Holdings shares of common stock, from which Navios Holdings received 2,414,263 shares and the amount of $2,308 was paid to Navios Logistics&#8217; noncontrolling shareholders.</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On February 21, 2020, Navios Logistics&#8217; board of directors declared and paid a $27,500 dividend, out of which the amount of $17,552 was paid to Navios Holdings and the amount of $9,948 to Navios Logistics&#8217; noncontrolling shareholders.</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the year ended December 31, 2020, no stock was granted to Navios Holdings&#8217; employees, officers and directors.</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2019, pursuant to the stock plan approved by the Board of Directors, 16,000 common stock was granted to Navios Holdings officers and directors and issued on December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">18, 2019. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On February</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019, pursuant to the stock plan approved by the Board of Directors, 151,515 common stock was granted to Navios Holdings employees, officers and directors.</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">10, 2018, pursuant to the stock plan approved by the Board of Directors, 287,500 common stock was granted to Navios Holdings employees, officers and directors and issued on December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">27, 2018. </font></p><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Acquisition of Treasury Stock </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In November 2015, the Board of Directors approved a share repurchase program for up to $25,000 of the Navios Holdings&#8217; common stock. Share repurchases were made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. Repurchases were subject to restrictions under the terms of the Company&#8217;s credit facilities and indenture. The program did not require any minimum purchase or any specific number or amount of shares and may be suspended or reinstated at any time in the Company&#8217;s discretion and without notice. In particular, Navios Holdings, pursuant to the terms of its Series G and Series H, may not redeem, repurchase or otherwise acquire its common stock or preferred shares, including the Series G and Series H (other than through an offer made to all holders of Series G and Series H) unless full cumulative dividends on Series G and Series H, when payable, have been paid. As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2016, 94,858 shares, were repurchased under this program, for a total consideration of $818. In total, up until February 2016, 114,791 shares were repurchased under this program, for a total consideration of $1,070. Since that time, this program has been suspended by the Company. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Holdings had outstanding as of December 31, 2020, 15,881,147 shares, from which 2,414,263 shares are held by Navios Corporation, a subsidiary of Navios Holdings, and are considered as treasury shares and as of December 31, 2019, had outstanding 13,360,356 shares of common stock. Preferred stock was 23,032 (5,350 Series G shares and 17,682 Series H shares) and 23,242 (5,350 Series G shares, 17,682 Series H shares and 210 shares of convertible preferred stock) as of December 31, 2020 and 2019, respectively. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 18: </font><font style="font-family:'Times New Roman'; font-weight:bold">INTEREST</font><font style="font-family:'Times New Roman'; font-weight:bold"> EXPENSE AND FINANCE COST </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Interest </font><font style="font-family:'Times New Roman'">expense</font><font style="font-family:'Times New Roman'"> and finance cost consisted of the following: </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2.85pt"><td style="width:206.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:34.35pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">128,696 </font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">125,496 </font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">129,941 </font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Amortization and write-off of deferred financing costs</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,863</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,746 </font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,866</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">237 </font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">109</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Interest expense and financing cost</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">136,559</font></p></td><td style="width:4.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">133,479 </font></p></td><td style="width:4.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">137,916 </font></p></td><td style="width:4.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2.85pt"><td style="width:206.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:34.35pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">For the Year</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">128,696 </font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">125,496 </font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">129,941 </font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Amortization and write-off of deferred financing costs</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,863</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,746 </font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,866</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">237 </font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">109</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Interest expense and financing cost</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">136,559</font></p></td><td style="width:4.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">133,479 </font></p></td><td style="width:4.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">137,916 </font></p></td><td style="width:4.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:3.45pt"><td style="width:206.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.45pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.15pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.6pt; border-top-style:double; border-top-width:1.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 19: SEGMENT INFORMATION </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company through August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers from November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 (date of obtaining control) and ceased to be a reportable segment on August 30, 2019 (date of loss of control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company measures segment performance based on net (loss)/income attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company&#8217;s reportable segments is as follows: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:56.75pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:81.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:82.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="width:74.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">200,794</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">215,924</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">416,718</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest income</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">48</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">209</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">257</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and financing cost</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(88,237)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,322)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(136,559)</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(42,076)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(28,939)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(71,015)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:23.2pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Equity in net losses of affiliate companies</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,293)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,293)</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:20.95pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,207)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(754)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,961)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total assets</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,316,936</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">654,389</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,971,325</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Goodwill</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,240</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">104,096</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">160,336</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Capital expenditures</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(99,068)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(8,441)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(107,509)</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investment in affiliate companies</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,988</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,988</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20,011</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">74,870</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:25.85pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,043,839</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">540,590</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,584,429</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:149.95pt"></td><td style="width:17.35pt"></td><td style="width:33pt"></td><td style="width:48.2pt"></td><td style="width:9.1pt"></td><td style="width:17.35pt"></td><td style="width:36.7pt"></td><td style="width:46.25pt"></td><td style="width:9.1pt"></td><td style="width:17.35pt"></td><td style="width:7pt"></td><td style="width:19.5pt"></td><td style="width:1.45pt"></td><td style="width:46.7pt"></td><td style="width:9pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:57.15pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:79.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:81.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="5" style="width:75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">254,178</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">228,271</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">482,449</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Administrative fee revenue from affiliate companies</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,991</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,991</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest income</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,610</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,052</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,662</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and financing cost</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(92,948)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(40,531)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(133,479)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(52,288)</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(29,435)</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(81,723)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Equity in net losses of affiliate companies</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(9,185)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(9,185)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:34.65pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(209,096)</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,986</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,110)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total assets</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,511,517</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">631,338</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,142,855</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Goodwill</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,240</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">104,096</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">160,336</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Capital expenditures</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(36,628)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,943)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44,571)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investment in affiliate companies</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">64,352</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">64,352</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32,386</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">45,605</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td colspan="2" style="width:9.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:23.85pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,048,318</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">514,929</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,563,247</font></p></td><td colspan="2" style="width:9.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:152.05pt"></td><td style="width:17.1pt"></td><td style="width:32.45pt"></td><td style="width:47.45pt"></td><td style="width:8.95pt"></td><td style="width:17.1pt"></td><td style="width:36.15pt"></td><td style="width:45.45pt"></td><td style="width:8.95pt"></td><td style="width:17.1pt"></td><td style="width:6.9pt"></td><td style="width:19.2pt"></td><td style="width:1.45pt"></td><td style="width:46pt"></td><td style="width:1.45pt"></td><td style="width:8pt"></td><td style="width:1.5pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:59.4pt"><td style="width:132.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:71.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:73.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:77.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containers</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:67.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">298,052</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">207,634</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">517,739</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Administrative fee revenue from affiliate companies</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">28,972</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(579</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">28,393</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest income</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,231</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">517</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,748</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and financing cost</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(98,247</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(39,669</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,204</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(139,120</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(70,472</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(29,307</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,060</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(102,839</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Equity in net losses of affiliate companies</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(80,205</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(80,205</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:37.1pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(273,125</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,380</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">27</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(268,718</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total assets</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,558,581</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">677,343</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">446,572</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,682,496</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Goodwill</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,240</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">104,096</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">160,336</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Capital expenditures</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(41,003</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19,879</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(24,763</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(85,645</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investment in affiliate companies</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">91,111</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">91,111</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">44,452</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">76,472</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,958</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137,882</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,958</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,934</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,892</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:37.1pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,063,762</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">530,186</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222,059</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,816,007</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table sets out the Company&#8217;s revenue by geographic region. Dry Bulk Vessel Operations (excluding administrative fee revenue from affiliate companies) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels and containership vessels operate worldwide. Logistics Business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paran&#225;, Paraguay and Uruguay River systems in South America (commonly known as the &#8220;Hidrovia&#8221; or the &#8220;waterway&#8221;). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Revenue by Geographic Region </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:207.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">North America</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,259</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,248</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Australia</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,055</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Europe</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">132,582</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">179,009</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">142,688</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Asia</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63,610</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">67,468</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">135,614</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">South America</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">218,442</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">232,394</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">208,751</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">28</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,319</font></p></td><td style="width:4.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">26,438</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">416,718</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">482,449</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">517,739</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $627,569 and $741,347 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $509,283 and $536,342 (including constructions in progress of $4,046, referred to in Note 7) at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, respectively. </font></p><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE</font><font style="font-family:'Times New Roman'; font-weight:bold"> 20: LOSS PER COMMON SHARE </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Loss per share is calculated by dividing net loss attributable to Navios Holdings common stockholders by the weighted average number of shares of Navios Holdings outstanding during the periods presented. Net (loss)/income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net (loss)/ income attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 569,998 potential common shares and 1,549 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, 843,097 potential common shares and 227,496 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">21, 2018 the Company&#8217;s common stockholders approved a one-for-ten reverse stock split of the Company&#8217;s outstanding shares of common stock. Following the effectiveness of the reverse stock split, as of January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">3, 2019, any historical per share information has been adjusted to reflect the Reverse Stock Split. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, 664,709 potential common shares and 349,900 potential shares of convertible preferred stock have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) and are therefore excluded from the calculation of diluted net loss per share. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:537.05pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.55pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Numerator:</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.35pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,961</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,110</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(268,718</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less:</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:5.8pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Undeclared dividend on preferred stock and on unvested restricted shares</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,144</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,178</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(10,241</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Plus:</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:31.35pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tender Offer &#8212; Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">45,680</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Gain from eliminated dividend on preferred stock due to conversion</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">166</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.2pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loss attributable to Navios Holdings common stockholders, basic and diluted</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(197,939</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(153,608</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(278,959</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Denominator:</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:17.9pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Denominator for basic and diluted net loss per share attributable to Navios Holdings common stockholders &#8212; adjusted weighted shares</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,896,568</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,356,024</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,958,959</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:3.95pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Basic and diluted net loss per share attributable to Navios Holdings common stockholders</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(15.35</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(12.43</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(23.33</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 21: INCOME TAXES </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Marshall Islands, Liberia, Panama and Malta do not impose a tax on international shipping income. Under the laws of Marshall Islands, Malta, Liberia and Panama, the countries of incorporation of the Company and its subsidiaries and the vessels&#8217; registration, the companies are subject to registration and tonnage taxes in the accompanying consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Certain of the Company&#8217;s subsidiaries have registered offices in Greece under Greek Law 27/75 as amended and in force (former law 89/67). These companies are allowed to conduct the specific business activities provided in their license and the provisions of the above legislation. Same law (27/75) provides that these companies are exempted in Greece from any tax, duty, levy, contribution or deduction in respect of income. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In accordance with the currently applicable Greek law, ship owning companies of foreign-flagged vessels that are managed by Greek or foreign ship management companies having established an office/branch in Greece under law 27/75 are subject to duties towards the Greek state which are calculated on the basis of the relevant vessel&#8217;s tonnage. In case that tonnage tax and/or similar taxes/duties are paid by the shipowning companies to the vessel&#8217;s flag state, these are deducted from the amount of the duty to be paid in Greece by the ship owner. The payment of said duties exhausts the tax liability of the foreign ship owning company and as of 2020 the relevant bareboat charterer/lessee against any tax, duty, charge or contribution payable on income from the exploitation of the foreign-flagged vessel. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">In Belgium, taxation on ocean shipping is based on the tonnage of the sea-going vessels from which the profit is obtained (&#8220;tonnage tax&#8221;). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Pursuant to Section</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">883 of the Internal Revenue Code of the United States (the &#8220;Code&#8221;), U.S. source income from the international operation of ships is generally exempt from U.S. federal income tax if the company that is treated for U.S. federal income tax purposes as earning such income meets certain requirements set forth in Section</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">883 of the Code and the U.S. Treasury regulations thereunder. Among other things, in order to qualify for this exemption, each relevant company must be incorporated in a country outside the United States which grants an &#8220;equivalent exemption&#8221; from income taxes to U.S. corporations. In addition, either (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the stock of each relevant company must be treated under Section</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">883 of the Code and the U.S. Treasury regulations thereunder as &#8220;primarily traded&#8221; and &#8220;regularly traded&#8221; on an &#8220;established securities market&#8221; in the United States or in another country that grants an &#8220;equivalent exemption&#8221; or (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">more than 50% of the value of the stock of each relevant company must be owned, directly or indirectly, by (a)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">individuals who are residents in countries that grant an &#8220;equivalent exemption,&#8221; (b) foreign corporations organized in countries that grant an &#8220;equivalent exemption&#8221; and that meet the test described in (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">and/or (c)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">certain other shareholders described in Section</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">883 of the Code and the U.S. Treasury regulations thereunder. The management of the Company believes that the Company and each of its relevant subsidiaries qualifies for the tax exemption under Section</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">883 of the Code, provided that the Company&#8217;s common stock continues to be listed on the NYSE and represents more than 50% of the total combined voting power of all classes of the Company&#8217;s stock entitled to vote and of the total value of the Company&#8217;s stock, and less than 50% of the Company&#8217;s common stock is owned, actually or constructively under specified stock attribution rules, on more than half the number of days in the relevant year by persons who each own 5% or more of the vote and value of the Company&#8217;s common stock, but no assurance can be given that the Company will satisfy these requirements or qualify for this exemption. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The income tax (expense)/ benefit reflected in the Company&#8217;s consolidated financial statements for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019, and 2018 is mainly attributable to Navios Holdings&#8217; subsidiaries in South America, which are subject to the Argentinean, Brazilian and Paraguayan income tax regime. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">CNSA and Corporacion Navios Granos S.A. (&#8220;CNGSA&#8221;) are located in a tax free zone and are not liable to income tax. Navios Logistics&#8217; current port operations in Uruguay are exempted from income taxes. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As a result of the tax reform voted by the Argentinean Parliament in December 2017, and the Law 27,541 voted in December 2019, the corporate income tax rate has decreased from 35% in 2017 to 30% for the period from 2018 to 2021, and will further decrease to 25% for the period from 2022 onwards. Tax rates and tax laws used to assess the income tax liability are those that are effective on the close of the fiscal period. Additionally, at the end of the fiscal year, local companies in Argentina had to calculate an assets tax (Minimum Presumed Income Tax) by applying the effective tax rate of 1.0% over the gross value of the corporate assets (based on tax law criteria). Following the tax reform voted by the Argentinean Parliament in December 2017, and the subsequent resolution in-force since May 2018, this tax does not longer apply as of the fiscal year 2019. </font></p><p style="margin-top:14pt; margin-bottom:14pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Under the tax laws of Argentina, the subsidiaries of the Company in that country are subject to taxes levied on gross revenues. Rates differ depending on the jurisdiction where revenues are earned for tax purposes. Average rates were approximately 2.0% for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 (2.0% for 2019 and 3.0% for 2018, respectively). Until the fiscal year ended December 31, 2019, there were two possible options to determine the income tax liability of Paraguayan subsidiaries. Under the first option income tax liabilities for the current and prior periods were measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. 50% of revenues derived from international freights were considered Paraguayan sourced (and therefore taxed) if carried between Paraguay and Argentina, Bolivia, Brazil or Uruguay, with destination Paraguay. Alternatively, only 30% of revenues derived from international freights carried between other countries with destination Paraguay were considered Paraguayan sourced. Companies whose operations were considered international freights could choose to pay income taxes on their revenues at an effective tax rate of 1% on such revenues, without considering any other kind of adjustments. Fiscal losses, if any, were neither deducted nor carried forward. As per the tax reform in Paraguay that is in force since January 1, 2020 (Law 6,380 from September 25, 2019 confirmed by Decree 3182 from December 30, 2019), there are still two possible options to determine the income tax liability of Paraguayan companies. Under the first option income tax liabilities for the current and prior periods are measured at the amount expected to be paid to the taxation authorities, by applying the tax rate of 10% on the fiscal profit and loss. The 100% of revenues derived from freights carried between other countries with destination Paraguay are considered Paraguayan sourced, and therefore taxed. The tax reform also states that any fiscal losses generated as of the fiscal year starting January 1, 2020, will be carried forward for up to five years, with the possibility to deduct each year the 20% from future years fiscal years taxable income. Companies whose operations are considered international freights can alternatively choose to pay income taxes on their revenues at an effective tax rate of 3% of such revenues, without considering any other kind of adjustments. Once the methodology is chosen, the Paraguayan companies have to keep it for at least five years. The corporate income tax rate in Brazil and Paraguay is 34% and 10%, respectively, for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. The Company&#8217;s deferred taxes as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, relate primarily to deferred tax liabilities on acquired intangible assets recognized in connection with Navios Logistics. As of January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2007, the Company adopted the provisions of FASB for Accounting for Uncertainty in Income Taxes. This guidance requires application of a more likely than not threshold to the recognition and derecognition of uncertain tax positions. This guidance permits the Company to recognize the amount of tax benefit that has a greater that 50% likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the quarter of such change. Kleimar&#8217;s open tax years are 2019 and onwards. Argentinean companies have open tax years ranging from 2014 and onwards and Paraguayan and Brazilian companies have open tax years ranging from 2016 and onwards. In relation to these open tax years, the Company believes that there are no material uncertain tax positions. </font></p><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 22: OTHER INCOME &#8212; OTHER EXPENSE </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, taxes other-than-income taxes of Navios Logistics amounted to $5,762, $7,745, and $7,056, respectively, and were included in the statements of comprehensive (loss)/income within the caption &#8220;Other expense&#8221;. </font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Basis of presentation:</font><font style="font-family:'Times New Roman'"> The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Going concern</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a going concern basis.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; color:#212529">As of December 31, 2020, Navios Holdings&#8217; current assets totaled $194,857, while current liabilities excluding operating lease liabilities, current portion totaled $511,367, resulting in a negative working capital position of $316,510, primarily related to the classification as current of our $305,000 of </font><font style="font-family:'Times New Roman'">11.25% Senior Secured Notes (the &#8220;2022 Senior Secured Notes&#8221;)</font><font style="font-family:'Times New Roman'; color:#212529"> and balloon payments. </font><font style="font-family:'Times New Roman'">Under the terms of the 2022 Senior Secured Notes, Navios Holdings has an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 7.375% First Priority Ship Mortgage Notes </font><font style="font-family:'Times New Roman'">(the &#8220;2022 Notes&#8221;) </font><font style="font-family:'Times New Roman'">are met. In October 2020, Navios Holdings entered into a supplemental indenture (the &#8220;Sixth Supplemental Indenture&#8221; &#8211; see also Note 11) which, among other things, eliminates Navios Holdings&apos; obligation to make a springing maturity offer subject to the occurrence of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics. There can be no assurance that a Qualified IPO will occur prior to the springing maturity date, or at all. Furthermore, we had $476,822 of 2022 Notes outstanding as of December 31, 2020 maturing in January 2022. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through a Qualified IPO of Navios Logistics, the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to us, or at all. Therefore, there is substantial doubt about the Company&#8217;s ability to continue as a going concern for the 12-month period from the date of issuance of these consolidated financial statements. In the meantime, </font><font style="font-family:'Times New Roman'; color:#212529">Navios Holdings&#8217; internal forecasts and projections indicate that the Company will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturities) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these consolidated financial statements.</font><font style="font-family:'Times New Roman'"> The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Change in accounting principles: </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">ASU 2016-02 Leases, ASC 842 </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019, the Company adopted the requirements of Accounting Standards Update (&#8220;ASU&#8221;) 2016-02 &#8220;Leases&#8221; as amended (Accounting Standards Codification (&#8220;ASC&#8221;) 842 or the &#8220;new lease standard&#8221;). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption of ASC 842. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In connection with its adoption of ASC 842, the Company elected the &#8220;package of 3&#8221; practical expedients permitted under the transition guidance based on which the Company is allowed to not (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess whether any expired or existing contracts are considered or contain leases; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess the lease classification for any expired or existing leases; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess initial direct costs for any existing leases. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Additionally, the Company elected the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them as a single lease component for the purposes of the recognition and measurement requirements of ASC 842. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As required by ASC 842, the Company&#8217;s disclosures around its leasing activities have been significantly expanded to enable users of our consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. Please refer to Note 15. </font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Principles of consolidation:</font><font style="font-family:'Times New Roman'"> The accompanying consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company also consolidates entities that are determined to be variable interest entities (&#8220;VIE&#8221;) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity&#8217;s residual risks and rewards, or (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity&#8217;s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Subsidiaries:</font><font style="font-family:'Times New Roman'"> Subsidiaries are those entities in which the Company has an interest of more than one-half of the voting rights or otherwise has power to govern the financial and operating policies of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and Navios Containers (for the period consolidated from November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 to August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019), which are 63.8% and 3.7% owned by Navios Holdings, respectively. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Discontinued Operations:</font><font style="font-family:'Times New Roman'"> Discontinued operations comprise the operations of a disposed component of an entity or a group of components of an entity if the disposal represents a strategic shift that has (or will have) a major effect on an entity&#8217;s operations and financial results. The Company determined that the disposal of Navios Containers&#8217; general partnership interest effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, referred to in Note 3, which resulted in loss of control and deconsolidation of Navios Containers from that date onwards, represented a strategic shift in Company&#8217;s business due to the fact that the Containers Business represented a reportable segment of the Company and has, therefore, recorded the results of its Containers Business operations as discontinued operations in the consolidated statements of comprehensive (loss)/ income for all the periods presented. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investments in Affiliate Companies:</font><font style="font-family:'Times New Roman'"> Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company&#8217;s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company. </font></p><p style="margin-top:12pt; margin-left:22.5pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Affiliate companies included in the financial statements accounted for under the equity method </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In the consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Partners and its subsidiaries (ownership interest as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was 17.9%); (ii) Navios Acquisition and its subsidiaries (economic interest as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was 29.5%); (iii) Navios Europe I and its subsidiaries (economic interest through liquidation in December 2019 was 47.5%); (iv)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%); and (v)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Containers and its subsidiaries (ownership interest as of November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, date of obtaining control, and from August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, date of loss of control was 3.7% and as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was 3.9%).</font></p><p style="margin-top:13.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Subsidiaries</font><font style="font-family:'Times New Roman'; font-weight:bold"> Included in the Consolidation: </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100%; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_e28f1662f8414524a9794e275c3129f1"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ownership</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Country</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">of</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="5" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Statements of Operations</font></p></td></tr><tr style="height:12.15pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Company Name</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Nature</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Interest</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Incorporation</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Holdings Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios South American Logistics Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63.8</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Containers L.P.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3.7</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#8211;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11/30</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios International Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navimax Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Handybulk Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Hestia Shipping Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Malta</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Anemos Maritime Holdings Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Shipmanagement Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">NAV Holdings Limited</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Malta</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:38.25pt"><td style="width:26.28%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kleimar N.V.</font></p></td><td style="width:2.34%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Company/</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Owning</font><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Company/</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:1.58%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Belgium</font></p></td><td style="width:1.08%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kleimar Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#8211;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Bulkinvest S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Luxembourg</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Primavera Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Ginger Services Co.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Tankers Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Astra Maritime Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Achilles Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Apollon Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kypros Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Meridian Shipping Enterprises Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Owning</font><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mercator Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Arc Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Horizon Shipping Enterprises Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Magellan Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vernazza Shiptrade Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1 - 12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9/25-12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Corporation Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.58%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.14%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:1.22%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7/4 -8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.65pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Beaufiks Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.16%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Nostos Shipmanagement Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Portorosa Marine Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Shikhar Ventures S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sizzling Ventures Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rheia Associates Co.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Taharqa Spirit Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rumer Holding Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pharos Navigation S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pueblo Holdings Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Quena Shipmanagement Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Aramis Navigation Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">White Narcissus Marine S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Panama</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios GP L.L.C.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Red Rose Shipping Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Highbird Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Ducale Marine Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vector Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Faith Marine Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:11.7pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Maritime</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Finance</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(US)</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Delaware</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Finance II (US) Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Delaware</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tulsi Shipmanagement Co.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cinthara Shipping Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Serenity Shipping Enterprises Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mandora Shipping Ltd</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Solange Shipping Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Diesis Ship Management Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Holdings Europe Finance Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Asia LLC</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Iris Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; 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line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Jasmine Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:21.95pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Emery Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">9/30</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lavender Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Esmeralda Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/30</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Triangle Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/30</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Roselite Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Smaltite Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Motiva Trading Ltd.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Alpha Merit Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Thalassa Marine S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/12</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cloud Atlas Marine S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/15</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Heodor Shipping Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9/11</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers Management Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pacifico Navigation Corp.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11/7</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rider Shipmanagement Inc.</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12/4</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Talia Shiptrade S.A.</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10/11-12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Moonstone Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6/30 &#8211; 12/31</font></p></td><td style="width:1.18%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:0.92%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:12.25pt"><td style="width:26.28%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Opal Shipping Corporation</font></p></td><td style="width:2.34%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.2%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.08%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.82%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6/30 &#8211; 12/31</font></p></td><td style="width:1.18%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.78%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:0.92%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.44%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:0pt"><td style="width:123pt"></td><td style="width:10.9pt"></td><td style="width:75.55pt"></td><td style="width:7.4pt"></td><td style="width:4.05pt"></td><td style="width:14.3pt"></td><td style="width:15pt"></td><td style="width:0.8pt"></td><td style="width:10pt"></td><td style="width:5.7pt"></td><td style="width:1.65pt"></td><td style="width:44pt"></td><td style="width:5.05pt"></td><td style="width:46pt"></td><td style="width:5.5pt"></td><td style="width:45.75pt"></td><td style="width:4.35pt"></td><td style="width:49pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Use of Estimates:</font><font style="font-family:'Times New Roman'"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The spread of the COVID-19 pandemic, which has been declared a pandemic by the World Health Organization, in 2020, has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on our business, financial performance and the results of our operations, including due to decreased demand for global seaborne dry bulk trade and charter rates, the extent of which will depend largely on future developments. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. Actual results could differ from those estimates under different assumptions and/or conditions.</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(d)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Cash and Cash Equivalents:</font><font style="font-family:'Times New Roman'"> Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(e)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Restricted Cash:</font><font style="font-family:'Times New Roman'"> As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, restricted cash included $684 and $726, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Holdings&#8217; credit facilities. Also included in restricted cash as of both December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019 are amounts held as security in the form of letters of guarantee or letters of credit totaling $10.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">As of December 31, 2020 restricted cash also included an amount of $15,609 concerning the proceeds from the sale of Navios Northern Star and Navios Amitie held as cash collateral in an escrow account, following the vessels&#8217; disposal and release from the 2022 Notes. See also Note 11.</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(f)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Insurance Claims:</font><font style="font-family:'Times New Roman'"> Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management&#8217;s expectations as to their collection dates.</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(g)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Inventories:</font><font style="font-family:'Times New Roman'"> Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis.</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(h)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net:</font><font style="font-family:'Times New Roman'"> Dry bulk vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition, and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for ballast water treatment system, major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Expenditures for routine maintenance and repairs are expensed as incurred. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Annual</font><font style="font-family:'Times New Roman'"> depreciation rates used, which approximate the useful life of the assets are: </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:269.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Dry bulk vessels</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">25</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminals</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">to</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">49</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tanker vessels, barges and pushboats</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">15</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">to</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">45</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Furniture, fixtures and equipment</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3 to 10 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Computer equipment and software</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Leasehold improvements</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">shorter of lease term or 6 years</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Management estimates the residual values of the Company&#8217;s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (&#8220;LWT&#8221;). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the residual values of the Company&#8217;s vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company&#8217;s vessels. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Management estimates the useful life of its dry bulk vessels to be 25 years from the vessel&#8217;s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. </font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Deposits for Vessels, Port Terminals and Other Fixed Assets:</font><font style="font-family:'Times New Roman'"> This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 amounted to $986, $1,960 and $2,879, respectively.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">(j)</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">Assets Held for Sale</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">It is the Company&#8217;s policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(k)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Impairment of Long Lived Assets:</font><font style="font-family:'Times New Roman'"> Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings&#8217; management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value. Navios Holdings determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Undiscounted</font><font style="font-family:'Times New Roman'"> projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During</font><font style="font-family:'Times New Roman'"> the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; long-lived assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management&#8217;s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel&#8217;s </font><font style="font-family:'Times New Roman'">carrying</font><font style="font-family:'Times New Roman'"> value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% every second year and a utilization rate of 99.3% based on the fleet&#8217;s historical performance. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis. The significant factors and assumptions used by management in determining fair value of vessels includes those in developing the projected net operating cash flows over the remaining economic life of each vessel and the discount rate.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">We have evaluated the impact of current economic situation due to COVID-19 pandemic on the recoverability of the carrying amount of our vessels. As </font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'"> December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the </font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'"> recorded an impairment loss of $52,820 for these vessels, being the difference between the fair value and the vessel&#8217;s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to these vessels, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As </font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'"> December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, the </font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'"> recorded an impairment loss of $84,584 for two dry bulk vessels, being the difference between the fair value and the vessel&#8217;s carrying value together with the carrying value of deferred drydock and special survey costs and ballast water treatment system costs related to these vessels, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the Company recorded an impairment loss of $179,186 for four dry bulk vessels, being the difference between the fair value and the vessel&#8217;s carrying value together with the carrying value of deferred drydock and special survey costs related to these vessels, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(l)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Deferred Drydock and Special Survey Costs:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s vessels, barges and pushboats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and up to every 72 to 96 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and pushboats sold are written-off to income in the year the vessel, barge or pushboat is sold.</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, the amortization of deferred drydock and special survey costs from continuing operations was $10,255, $11,067 and $13,828, respectively. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(m)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Deferred Financing Costs:</font><font style="font-family:'Times New Roman'"> Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. Deferred financing costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs from continuing operations for each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 were $7,863, $7,746 and $7,866, respectively. See also Note 18</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(n)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Goodwill and Other Intangibles</font></p><p style="margin-top:13.2pt; margin-left:9pt; margin-bottom:12pt; text-indent:-4.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Goodwill</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">: </font><font style="font-family:'Times New Roman'">Goodwill is tested for impairment at the reporting unit level at least annually.</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company evaluates impairment of goodwill using a single step process following the adoption of ASU 2017-04, &#8220;Intangibles-Goodwill and Other (Topic 350)&#8221; as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss is measured as the amount by which a reporting unit&#8217;s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the Company performed its impairments test for its reporting units within the Dry Bulk Vessel Operations and the Logistics Business. The Company additionally considered that its market capitalization continued to remain at a level well below the carrying amount. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which had a negative carrying amount of $144,919, and for which goodwill allocated is $56,240. The impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded its carrying amount. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (&#8220;WACC&#8221;) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants&#8217; and the Company&#8217;s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company&#8217;s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $104,096. The impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. The significant factors and assumptions used by management in the discounted cash flow analysis for the Logistics Business includes a combination of revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">No impairment loss was recognized for any of the periods presented for both the Dry Bulk Vessel Operations and the Logistics Business. </font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:12pt; text-indent:-18pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ii) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Intangibles</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> Other Than Goodwill:</font><font style="font-family:'Times New Roman'"> Navios Holdings&#8217; intangible assets and liabilities consist of trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms. The fair value of the trade name was determined based on the &#8220;relief from royalty&#8221; method which values the trade name based on the estimated amount that a</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">company would have to pay in an arm&#8217;s length transaction to use that trade name. The asset is being amortized under the straight-line method over 32</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years. Navios Logistics&#8217; trade name is being amortized under the straight-line method over 10</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years and was fully amortized as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of customer relationships of Navios Logistics was determined based on the &#8220;excess earnings&#8221; method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight-line method. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company reviews its other intangibles such as trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. </font><a name="_Hlk65774361"><font style="font-family:'Times New Roman'">Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the difference between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. </font></a><font style="font-family:'Times New Roman'">In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective &#8220;relief from royalty&#8221; rate applied to the future cash flows of the Dry Bulk Vessel Operations.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company&#8217;s vessels and the Company&#8217;s weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company&#8217;s financial position and results of operations. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Depreciation and amortization&#8221;. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The amortizable value of favorable leases would be considered impaired if its carrying value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised, the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date, it is written-off in the consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">No favorable and unfavorable lease terms have been identified for the years ended December 31, 2020 and 2019. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; trade name might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management&#8217;s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed. No such circumstances indicated that potential impairment of the Company&#8217;s other intangible assets such as </font><font style="font-family:'Times New Roman'">port terminal operating rights and customer relationships</font><font style="font-family:'Times New Roman'"> exist. For the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, there were no impairment losses recognized for the Company&#8217;s intangible assets. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'"> weighted average amortization periods for intangibles are: </font></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.15pt"><td style="width:316.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Intangible assets</font></p></td><td style="width:24.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:21.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Years</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:24.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:24.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">47</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:24.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">See also Note 3 and Note 8. </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(o)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Foreign Currency Translation:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company&#8217;s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company&#8217;s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries&#8217; primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized within the captions &#8220;Other income&#8221; and &#8220;Other expense&#8221;, respectively, in the consolidated statements of comprehensive (loss)/income for each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, were $546, $(967) and $(1,206), respectively.</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-indent:-24.45pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(p)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Provisions:</font><font style="font-family:'Times New Roman'"> The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. See also Note 14.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'"> participates in Protection and Indemnity (&#8220;P&amp;I&#8221;) insurance plans provided by mutual insurance associations known as P&amp;I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (&#8220;back calls&#8221;). Obligations for back calls are accrued annually based on information provided by the P&amp;I clubs. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Provision for losses subject to claims was</font><font style="font-family:'Times New Roman'"> provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the balance for this provision was $0. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(q)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Segment Reporting:</font><font style="font-family:'Times New Roman'"> Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company&#8217;s methods of internal reporting and management structure, the Company through August 30, 2019 had three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">Following the reclassification of the results of Navios Containers as discontinued operations (Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(r)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Revenue and Expense Recognition:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Revenue</font><font style="font-family:'Times New Roman'; font-weight:bold"> Recognition: </font><font style="font-family:'Times New Roman'">Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. </font><font style="font-family:'Times New Roman'">In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues</font><font style="font-family:'Times New Roman'"> are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenue from contracts of affreightment (&#8220;COA&#8221;)/voyage contracts relating to our barges are recognized ratably over the </font><font style="font-family:'Times New Roman'">estimated</font><font style="font-family:'Times New Roman'"> relative transit time of each voyage. A voyage is deemed to commence upon the barge&#8217;s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company recognizes revenue ratably from the vessel&#8217;s/barge&#8217;s arrival at the loading port, as applicable under the contract, to when the charterer&#8217;s cargo is discharged as well as defer costs that meet the definition of &#8220;costs to fulfill a contract&#8221; and relate directly to the contract. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is </font><font style="font-family:'Times New Roman'">determined</font><font style="font-family:'Times New Roman'">. A time charter involves placing a vessel or barge at the charterer&#8217;s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company&#8217;s vessels, is </font><font style="font-family:'Times New Roman'">determined</font><font style="font-family:'Times New Roman'"> in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel&#8217;s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port </font><font style="font-family:'Times New Roman'">operations</font><font style="font-family:'Times New Roman'">. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products </font><font style="font-family:'Times New Roman'">into</font><font style="font-family:'Times New Roman'"> the tanks for temporary storage and then loading the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. </font></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Expenses </font><font style="font-family:'Times New Roman'">related</font><font style="font-family:'Times New Roman'"> to our revenue-generating contracts are recognized as incurred. </font></p><p style="margin-top:4.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">following</font><font style="font-family:'Times New Roman'"> tables reflect the revenue earned per category for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018: </font></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:470.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,660</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">54,005</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">60,665</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">194,005</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">59,236</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">253,241</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">73,112</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">73,112</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,364</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,364</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,948</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,948</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,272</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">17,272</font></p></td></tr><tr style="height:7.65pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,606</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,606</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">128</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">382</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">510</font></p></td></tr><tr style="height:13pt"><td style="width:166.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">200,793</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">215,925</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">416,718</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:470.45pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total </font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,727</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">49,488</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">53,215</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">250,187</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">76,680</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">326,867</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">80,180</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">80,180</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,452</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,452</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,310</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,310</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,384</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,384</font></p></td></tr><tr style="height:4.25pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,032</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,032</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">264</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">745</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,009</font></p></td></tr><tr style="height:12.35pt"><td style="width:166.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">254,178</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">228,271</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">482,449</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:472pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:51.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containers Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total </font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">19,121</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">35,623</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">54,744</font></p></td></tr><tr style="height:12.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">278,591</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">72,689</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">363,333</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Profit sharing revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">52</font><font style="font-family:Arial">)</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">52</font><font style="font-family:Arial">)</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">58,552</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">58,552</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">882</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">882</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,136</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,136</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">32,508</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">32,508</font></p></td></tr><tr style="height:10.35pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,739</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,739</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">392</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">505</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">897</font></p></td></tr><tr style="height:14.3pt"><td style="width:136.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">298,052</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">207,634</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">12,053</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">517,739</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Administrative</font><font style="font-family:'Times New Roman'; font-weight:bold"> fee revenue from affiliate companies:</font><font style="font-family:'Times New Roman'"> Administrative fee revenue from affiliate companies consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliate companies (Refer to Note 16). Administrative services included: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other general and administrative services. These revenues were recognized as the services were provided to affiliate companies. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these services are provided by N Shipmanagement Acquisition Corp. and related entities (&#8220;NSM&#8221; or the &#8220;Manager&#8221;). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">General</font><font style="font-family:'Times New Roman'; font-weight:bold"> and administrative expenses: </font><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">general</font><font style="font-family:'Times New Roman'"> and administrative expenses incurred on behalf of affiliate companies were determined based on a combination of actual expenses incurred on behalf of the affiliate companies as well as a reasonable allocation of expenses that are not affiliate companies specific but incurred on behalf of all affiliate companies. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these services are provided by NSM, pursuant to an administrative services agreement dated August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2019 (&#8220;Administrative Services Agreement&#8221;). The Manager is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2024 (see also Note 16). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Deferred Income and Cash Received In Advance:</font><font style="font-family:'Times New Roman'"> Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Time Charter, Voyage and Logistics Business Expenses:</font><font style="font-family:'Times New Roman'"> Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers&#8217; liability insurances, allowance for credit losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. In the transition to ASC 842, the operating lease assets were adjusted for the carrying amount of the liability regarding the allowance for credit losses on time charters and voyages in progress on that date. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Direct Vessel Expenses:</font><font style="font-family:'Times New Roman'"> Direct vessel expenses consisted of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees for vessel operating expenses. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these services are provided to Navios Holdings&#8217; vessels by NSM, pursuant to a management agreement dated August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2019 (&#8220;Management Agreement&#8221;) (see also Note 16). The fee for the ship management services provided by the Manager is a daily fee of $3.7 per day per owned vessel. This rate is fixed for a two-year period and will increase thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by the Manager is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2024. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Prepaid Voyage Costs:</font><font style="font-family:'Times New Roman'"> Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(s)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Employee benefits:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Pension and Retirement Obligations-Crew:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s ship-owning subsidiaries employed the crew on board under short-term contracts (usually up to nine months) and, accordingly, were not liable for any pension or post-retirement benefits. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, Navios Holdings does not employ any crew. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Provision for Employees&#8217; Severance and Retirement Compensation:</font><font style="font-family:'Times New Roman'"> The employees in the Company&#8217;s office in Greece were protected by Greek labor law. According to the law, the Company was required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years&#8217; salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation which was equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known. The Company considered this plan equivalent to a lump sum defined benefit pension plan and accounted for it under relevant guidance on employer&#8217;s accounting for pensions. The Company was required to annually value the statutory terminations indemnities liability. Management obtained a valuation from independent actuaries to assist in the calculation of the benefits. The Company provided, in full, for the employees&#8217; termination indemnities liability. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, this liability amounted to $0 as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">U.S. Retirement Savings Plan:</font><font style="font-family:'Times New Roman'"> The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan&#8217;s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services. See also Note 13. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these benefits are provided by NSM. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other Post-Retirement Obligations:</font><font style="font-family:'Times New Roman'"> The Company had a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits was only to these former employees. The expected costs of these benefits were accrued each year, using an accounting methodology similar to that for defined benefit pension plans. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, the Company has no such arrangements. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Stock-Based Compensation:</font><font style="font-family:'Times New Roman'"> In December 2020, February and December 2019, the Company authorized the grant of restricted common stock. In December 2017, the Company authorized the grant of restricted common stock and restricted stock units. These awards of restricted share units, share appreciation rights, restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three and four years. See also Note 13. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(t)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Financial Instruments:</font><font style="font-family:'Times New Roman'"> Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, account receivables and payables, other current assets and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial Risk Management:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel </font><font style="font-family:'Times New Roman'">prices</font><font style="font-family:'Times New Roman'"> and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Credit Risk:</font><font style="font-family:'Times New Roman'"> The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Holdings. When negotiating on behalf of Navios Holdings various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liquidity Risk:</font><font style="font-family:'Times New Roman'"> Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Foreign Exchange Risk:</font><font style="font-family:'Times New Roman'"> Foreign </font><font style="font-family:'Times New Roman'">currency</font><font style="font-family:'Times New Roman'"> transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(u)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(Loss)/Earnings Per Share:</font><font style="font-family:'Times New Roman'"> Basic (loss)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. Net (loss)/income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net (loss)/ income attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. Diluted (loss)/earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company&#8217;s dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company&#8217;s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted (loss)/earnings per share computation. Restricted share units, restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted (loss)/earnings per share, based on the weighted average number of restricted share units, restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted (loss)/earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 20.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(v)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Income Taxes:</font><font style="font-family:'Times New Roman'"> The Company is a Marshall Islands corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. The tax expense reflected in the Company&#8217;s consolidated financial statements for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-0.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2019, the Argentine government enacted the Law 27,541 which made changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable for the fiscal years beginning on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 30% was applied on temporary differences, reversals of which are expected to occur in respect of the 2020 and 2021 fiscal years, and a rate of 25% on temporary differences remaining thereafter. Due to these changes in the rate of the income tax, the Company has recorded an income tax expense $0 and $208 during the years ended December 31, 2020 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, respectively, within the caption &#8220;Income tax (expense)/ benefit&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(w)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Dividends:</font><font style="font-family:'Times New Roman'"> Dividends are recorded in the Company&#8217;s financial statements in the period in which they are declared. Navios Holdings paid $0 to its common stockholders during each year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, and $0 to its preferred stockholders during each year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018. In November 2015, Navios Holdings announced that the Board of Directors decided to suspend the dividend to its common stockholders. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G Cumulative Redeemable Perpetual Preferred Stock (the &#8220;Series G&#8221;) and Series H Cumulative Redeemable Perpetual Preferred Stock (the &#8220;Series H&#8221;). All inter-company dividends are eliminated upon consolidation.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(x)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Guarantees:</font><font style="font-family:'Times New Roman'"> A liability for the fair value of an obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent&#8217;s guarantee of a subsidiary&#8217;s debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 16). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(y)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Leases:</font><font style="font-family:'Times New Roman'"> Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease.</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">For </font><font style="font-family:'Times New Roman'">charters</font><font style="font-family:'Times New Roman'"> classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In cases of lease agreements where the Company acts as the lessee, the Company recognizes an operating lease asset and a corresponding lease liability on the consolidated balance sheet. For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight-line basis over the rental periods of such charter agreements. The expense is included within the caption &#8220;Time charter, voyage and logistics business expenses&#8221;. In the transition to ASC 842, the operating leases assets were adjusted for the carrying amount of the straight-line liabilities on that date. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In cases of sale and leaseback agreements, if the transfer of the asset to the lessor does not qualify as a sale, then the agreement </font><font style="font-family:'Times New Roman'">constitutes</font><font style="font-family:'Times New Roman'"> a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the buyer, and the buyer would need to obtain substantially all the benefits from the use of the asset.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment of operating lease assets</font><font style="font-family:'Times New Roman'; font-weight:bold">: </font><font style="font-family:'Times New Roman'">Operating lease assets used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value of the asset group. Navios Holdings determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest (asset group). If the step two of the impairment analysis is required, the analysis includes the use of discounted cash flows which includes various assumptions, including the Company&#8217;s WACC.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; operating lease assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management&#8217;s expectation for future revenues. As a result, an impairment assessment of operating lease assets (step one) was performed. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company determined undiscounted projected net operating cash flows for each charter-in vessel and bareboat chartered-in compared it to operating lease asset&#8217;s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat chartered-in vessels), management fees for vessel operating expenses in accordance with the terms of management agreement (assuming an annual increase of 3.0% every second year for the bareboat chartered-in vessels). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two asset groups, which involves a discounted cash flow analysis using the Company&#8217;s WACC. The WACC is based on externally observable data considering market participants&#8217; and the Company&#8217;s cost of equity and debt, optimal capital structure and risk factors specific to the Company. As a result, the Company recorded an impairment loss of $1,361, being the difference between the fair value of the operating lease asset and its carrying value, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, our assessment concluded that step two of the impairment analysis was required for certain charter-in vessels, which involves a discounted cash flow analysis using the Company&#8217;s WACC. As a result, the Company recorded an impairment loss of $38,636, being the difference between the fair value of the operating lease asset and its carrying value, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(z)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Treasury Stock:</font><font style="font-family:'Times New Roman'"> Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital.</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(aa)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Trade Accounts Receivable:</font><font style="font-family:'Times New Roman'"> The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for credit losses.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On January 1, 2020, the Company adopted Topic 326 &quot;Financial Instruments - Credit Losses&quot;. </font><font style="font-family:'Times New Roman'">Measurement of Credit Losses on Financial Instruments&#8221; using the modified retrospective approach</font><font style="font-family:'Times New Roman'">. </font><font style="font-family:'Times New Roman'">This standard amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 &#8220;Leases&#8221;. In addition, this standard requires the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. This new guidance did not have a material impact on the Company&#8217;s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard. As a result of the adoption of this standard, there was no cumulative impact to the Company&#8217;s accumulated deficit at January 1, 2020.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ab)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Convertible Preferred Stock:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s 2% Mandatorily Convertible Preferred Stock (&#8220;Preferred Stock&#8221;) is recorded at fair market value on the date of issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. See also Note 17.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ac) Cumulative Redeemable Perpetual Preferred Stock:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s 2,000,000 American Depositary Shares, Series G and the 4,800,000 American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2019, the Series G may be redeemed at the Company&#8217;s option and at any time on or after July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2019, the Series H may be redeemed at the Company&#8217;s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. See also Note 17.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ad)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investment in Available-for-Sale Securities:</font><font style="font-family:'Times New Roman'"> The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses reflected directly in the consolidated statements of comprehensive (loss)/income at each reporting period. Management evaluates securities for other-than-temporary impairment (&#8220;OTTI&#8221;) on a quarterly basis. Consideration is given to (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the length of time and the extent to which the fair value has been less than cost, (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the financial condition and near-term prospects of the investee, and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investment in Equity Securities:</font><font style="font-family:'Times New Roman'"> Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Containers (following the deconsolidation) and evaluated Navios Europe I, Navios Europe II (through their liquidation in December 2019 and June 2020, respectively) for OTTI on a quarterly basis. Consideration is given to (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the length of time and the extent to which the fair value has been less than the carrying value, (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Containers, and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the intent and ability of the Company to retain its </font><font style="font-family:'Times New Roman'">investment</font><font style="font-family:'Times New Roman'"> in Navios Acquisition, Navios Partners and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value. If the Company considers any decline to be &#8220;other-than-temporary&#8221;, then the Company would write down the carrying amount of the investment to its estimated fair value.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ae)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Financial Instruments and Fair Value:</font><font style="font-family:'Times New Roman'"> Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">A </font><font style="font-family:'Times New Roman'">financial</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">instrument&#8217;s</font><font style="font-family:'Times New Roman'"> level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(af)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Recent Accounting Pronouncements:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic; background-color:#ffffff">Adoption of new accounting pronouncements:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; background-color:#ffffff">In March 2020, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) ASU 2020-4, &#8220;Reference Rate Reform (Topic 848)&#8221; (&#8220;ASU 2020-4&#8221;), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. As of December 31, 2020, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In October 2018, FASB issued ASU 2018-17, Consolidation (Topic 810): &#8220;Targeted Improvements to Related Party Guidance for Variable Interest Entities&#8221; (&#8220;ASU 2018-17&#8221;). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2018, FASB issued ASU 2018-13, &#8220;Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement&#8221;. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and earlier adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">In January 2017, FASB issued ASU 2017-04, &#8220;Intangibles-Goodwill and Other (Topic 350)&#8221;. This update addresses concerns expressed about the cost and complexity of the goodwill impairment test and simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. The amendments in this ASU are required for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendments are effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019. Early adoption is permitted for all entities. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">See also Note 2(n).</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In June 2016, FASB issued ASU No. 2016-13, &#8220;Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timelier manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements. See also Note 2(aa).</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Recently Issued Accounting Pronouncements Pending Adoption</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'"> 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which </font><font style="font-family:'Times New Roman'">modifies</font><font style="font-family:'Times New Roman'"> ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company&#8217;s disclosures to the consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2018, FASB issued ASU 2018-14, &#8220;Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): </font><font style="font-family:'Times New Roman'">Disclosure</font><font style="font-family:'Times New Roman'"> Framework-Changes to the Disclosure Requirements for Defined Benefit Plans&#8221;. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company&#8217;s</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">disclosures to the consolidated financial statements. </font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Fair value of Navios Containers&#8217; outstanding shares:</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Fair value of Navios Holdings&#8217; interest (3.7%)</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,269</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Fair value of noncontrolling interest (96.3%)</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">165,474</font></p></td><td style="width:7.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total fair value of Navios Containers&#8217; outstanding shares</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:36.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">171,743</font></p></td><td style="width:7.95pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Fair value of Navios Containers&#8217; assets and liabilities:</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Current assets (including cash and restricted cash of $24,400)</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">27,705</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">376,133</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Favorable lease terms</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">31,342</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long term receivable from affiliate companies</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,313</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other long term assets</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,099</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long term debt assumed (including current portion)</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(199,000</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Current liabilities</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(14,727</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Fair value of Navios Containers&#8217; net assets</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:36.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">229,865</font></p></td><td style="width:7.95pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Bargain gain upon obtaining control</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:36.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">58,122</font></p></td><td style="width:7.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE</font><font style="font-family:'Times New Roman'; font-weight:bold"> 3: SALE OF MANAGEMENT</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">&amp; CONSOLIDATION/DECONSOLIDATION OF NAVIOS CONTAINERS </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Sale</font><font style="font-family:'Times New Roman'; font-weight:bold"> of Management </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2019, Navios Holdings sold its ship management division, the general partnership interests in Navios Partners (except for the incentive distribution rights) and Navios Containers GP LLC (the &#8220;Transaction&#8221;) to NSM, affiliated with Company&#8217;s Chairman and Chief Executive Officer, Angeliki Frangou. The Company received aggregate consideration of $20,000 (including assumption of liabilities). (Refer to Note 16). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As a result of the Transaction the Company is a holding company owning dry bulk vessels and various investments in entities owning maritime </font><font style="font-family:'Times New Roman'">and</font><font style="font-family:'Times New Roman'"> infrastructure assets. NSM owns all entities providing ship management services and employs all associated people. NSM owns the general partner interests in Navios Containers and Navios Partners. The Company deconsolidated Navios Containers from August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019 onwards. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company simultaneously entered into a secured credit facility with NSM whereby the Company agreed to repay NSM a loan of $141,795 (</font><font style="font-family:'Times New Roman'">including</font><font style="font-family:'Times New Roman'"> post-closing adjustments). See also in Note 16 &#8220;NSM Loan&#8221;. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The difference between the carrying value of the identifiable net liabilities sold as of August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019 and the loan payable to NSM assumed by </font><font style="font-family:'Times New Roman'">Navios</font><font style="font-family:'Times New Roman'"> Holdings, and the sale proceeds, net of expenses, resulted in a gain on sale of $9,802. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The gain on sale was calculated as follows: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:490.5pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:12pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><a name="DM_MAP_7f2e07fc2ff54e06ae2e5250c06c9ea9"><font style="font-family:Arial; font-weight:bold">Proceeds received:</font></a></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:12pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:12pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;&#xa0; </font><font style="font-family:Arial">Cash consideration</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">3,000</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:justify; line-height:108%; font-size:10pt"><font style="font-family:Arial">Less: Transaction fees</font></p></td><td style="width:6.6pt; 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:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.3pt; 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:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(1,088)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,912</font></p></td></tr><tr style="height:16pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Carrying value of assets and liabilities:</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Net liabilities derecognized</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">158,795</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Loan payable to NSM assumed</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(141,795)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Book value of general partner interest in Navios Partners</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(3,212)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Book value of Other fixed assets</font></p></td><td style="width:6.6pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">(6,213)</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Lease liability, net</font></p></td><td style="width:6.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial">315</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; 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"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.3pt; 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"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,890</font></p></td></tr><tr style="height:2pt"><td style="width:412.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Gain on sale</font></p></td><td style="width:6.6pt; 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:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.3pt; 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:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:10pt"><font style="font-family:Arial; font-weight:bold">9,802</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Consolidation/ Deconsolidation of Navios Containers </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Maritime Containers Inc. was incorporated in the Republic of the Marshall Islands on April 28, 2017 (date of inception) and on November 30, 2018, was converted into a limited partnership. In connection with the conversion, Navios Maritime Containers GP LLC, a Republic of the Marshall Islands limited liability company and wholly-owned subsidiary of Navios Holdings, was admitted as Navios Containers&#8217; general partner. As of that date, as a result of holding the general partner interest which had the power to govern the financial and operating policies of Navios Containers, Navios Holdings obtained control over Navios Containers and consequently the results of operations of Navios Containers were consolidated under Navios Holdings.</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Following the sale of Navios Containers&#8217; general partnership interest effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019 along with the sale of the management </font><font style="font-family:'Times New Roman'">division</font><font style="font-family:'Times New Roman'">, referred above, Navios Holdings deconsolidated Navios Containers from that date onwards in accordance with ASC 810. As a result, since August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, Navios Containers is not a controlled subsidiary of the Company and the investment in Navios Containers is accounted for under the equity method due to Navios Holdings&#8217; significant influence over Navios Containers. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The difference between the carrying value of Navios Containers&#8217; identifiable net assets and noncontrolling interest derecognized as of August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019 amounted to $57,999 and the loss from the remeasurement of Navios Holdings&#8217; interest in Navios Containers to its fair value of $2,527 amounted to $3,742 and are included within the caption &#8220;Loss on loss of control&#8221; in the consolidated statements of comprehensive (loss)/income. The fair value of the 1,263,276 shares of Navios Containers owned by Navios Holdings was determined by using the closing share price of $2.00 as of that date. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Amounts </font><font style="font-family:'Times New Roman'">recorded</font><font style="font-family:'Times New Roman'"> in respect of discontinued operations in the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 and 2018, respectively are as follows: </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:18.05pt"><td style="width:267.15pt; vertical-align:bottom"><p style="margin-top:12pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_c558128a9ea44a688f4d0cf972f9fc2b"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:12pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period from January 1 to August</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">30,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period from November 30 to December 31, 2018</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">89,925</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Time charter, voyage and port terminal expenses</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,976)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(546)</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Direct vessel expenses</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44,088)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,282)</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">General and administrative expenses</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(6,706)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(873)</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(22,858)</font></p></td><td colspan="2" style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,060)</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and finance cost</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(10,519)</font></p></td><td style="width:2.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:28.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,204)</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other expense, net</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,896)</font></p></td><td style="width:2.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:28.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:37.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(336)</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Net (loss)/income from discontinued operations</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(4,118)</font></p></td><td colspan="2" style="width:5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">752</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: Net loss/(income) attributable to the noncontrolling interest</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,968</font></p></td><td colspan="2" style="width:5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(725)</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.3pt"><td style="width:267.15pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Net (loss)/income attributable to Navios Holdings common stockholders</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(150)</font></p></td><td colspan="2" style="width:5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:26.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:26.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:37.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">27</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:267.15pt"></td><td style="width:26.1pt"></td><td style="width:26.5pt"></td><td style="width:37.3pt"></td><td style="width:2.85pt"></td><td style="width:2.15pt"></td><td style="width:26.1pt"></td><td style="width:26.5pt"></td><td style="width:37.3pt"></td><td style="width:5.15pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:35.45pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Navios Containers accounted for the control obtained in November 2018 as a business combination which resulted in the application of the &#8220;acquisition method&#8221;, as defined under ASC 805 &#8220;Business Combinations&#8221;, as well as the recalculation of Navios Holdings&#8217; equity </font><font style="font-family:'Times New Roman'">interest</font><font style="font-family:'Times New Roman'"> in Navios Containers to its fair value at the date of obtaining control and the recognition of a gain in the consolidated statements of comprehensive (loss)/income. The excess of the fair value of Navios Containers&#8217; identifiable net assets of $229,865 over the total fair value of Navios Containers&#8217; total shares outstanding as of November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 of $171,743, resulted in a bargain gain upon obtaining control in the amount of $58,122. The fair value of the 34,603,100 total Navios Container&#8217;s shares outstanding as of November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was determined by using the closing share price of $4.96, as of that date. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, Navios Holdings&#8217; interest in Navios Containers with a carrying value of $6,078 was remeasured to fair value of $6,269, </font><font style="font-family:'Times New Roman'">resulting</font><font style="font-family:'Times New Roman'"> in a gain on obtaining control in the amount of $191 and is presented within &#8220;Bargain gain upon obtaining control&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The results of </font><font style="font-family:'Times New Roman'">operations</font><font style="font-family:'Times New Roman'"> of Navios Containers were included in Navios Holdings&#8217; consolidated statements of comprehensive (loss)/income following the completion of the conversion of Navios Maritime Containers Inc. into a limited partnership on November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and until August 30, 2019.</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The following table summarizes the fair value of Navios Containers outstanding shares, the fair value of assets and liabilities and the fair value of the noncontrolling interest in Navios Containers assumed on November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018: </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><a name="DM_MAP_9d74d2853c4a44d78c5776577c667fd9"><font style="font-family:Arial; font-weight:bold">Fair value of Navios Containers&#8217; outstanding shares:</font></a></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Fair value of Navios Holdings&#8217; interest (3.7%)</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,269</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Fair value of noncontrolling interest (96.3%)</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">165,474</font></p></td><td style="width:7.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total fair value of Navios Containers&#8217; outstanding shares</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:36.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">171,743</font></p></td><td style="width:7.95pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Fair value of Navios Containers&#8217; assets and liabilities:</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Current assets (including cash and restricted cash of $24,400)</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">27,705</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">376,133</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Favorable lease terms</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">31,342</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long term receivable from affiliate companies</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,313</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other long term assets</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,099</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long term debt assumed (including current portion)</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(199,000</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Current liabilities</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(14,727</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Fair value of Navios Containers&#8217; net assets</font></p></td><td style="width:20.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:36.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">229,865</font></p></td><td style="width:7.95pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:295.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Bargain gain upon obtaining control</font></p></td><td style="width:20.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:36.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">58,122</font></p></td><td style="width:7.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'"> transaction resulted in a bargain purchase gain as a result of the share price of Navios Containers trading at a discount to its net asset value (&#8220;NAV&#8221;). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of the vessels was determined based on vessel valuations, obtained from independent third party shipbrokers, which were </font><font style="font-family:'Times New Roman'">among</font><font style="font-family:'Times New Roman'"> other things, based on recent sales and purchase transactions of similar vessels. The fair value of the favorable lease terms (intangible assets) was determined by reference to market data and the discounted amount of expected future cash flows. The key assumptions that were used in the discounted cash flow analysis were as follows: 1) the contracted charter rate of the acquired charter over the remaining lease term compared to 2) the current market charter rates for a similar contract and 3) discounted using our weighted average cost of capital of 8.95%. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The intangible assets listed below as determined at the date of obtaining control were amortized under the straight-line method over the period indicated below: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:211.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><a name="DM_MAP_5bd2ea50b7534a47b2c79f3b00650c20"><font style="font-family:Arial">&#xa0;</font></a></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Weighted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(years)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:55.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">per Year</font></p></td><td style="width:7.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:211.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Favorable lease terms</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1.4</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(22,391)</font></p></td><td style="width:7.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 23: </font><font style="font-family:'Times New Roman'; font-weight:bold">SUBSEQUENT</font><font style="font-family:'Times New Roman'; font-weight:bold"> EVENTS </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In April 2021, Navios Holdings agreed to sell to</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Partners, a 2011-built Capesize vessel for a price of $28,500. The vessel, currently chartered-in by</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Holdings, will be</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">delivered to the new owners upon acquisition, which is expected within the second quarter</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">of 2021.</font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">On March 31, 2021, Navios Partners completed the acquisition of Navios Containers (Refer to Note 9).</font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">On March 22, 2021, Navios Logistics completed the acquisition of the Navios Logistics&#8217; 2020 Fleet, operating in the Hidrovia Waterway, for a purchase price of $30,000. The acquisition was funded with $15,000 from existing cash paid at closing and sellers&#8217; financing of $15,000, bearing interest at a fixed rate of 5% per annum, payable in three equal annual installments.</font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In March 2021, the Company entered into supplemental agreements with Alpha Bank A.E. concerning the two existing facility agreements, according to which certain covenants and the repayment schedules have been amended. The maturity of the facilities is due in June 2021.</font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In March 2021, the Company agreed to sell to an unrelated third party the Navios Serenity, a 2011 built Handysize vessel of 34,690 dwt, for a net sale price of $10,388.</font><font style="font-family:'Times New Roman'; font-size:12pt"> </font><font style="font-family:'Times New Roman'">The vessel is expected to be delivered to the buyers in the second quarter of 2021. The loss due to sale is expected to be approximately $6,958.</font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In March 2021, the Company completed the sale to Navios Partners of the Navios Centaurus, a 2012 built Panamax vessel of 81,472 dwt, and the Navios Avior, a 2012 built Panamax vessel of 81,355 dwt, for a sale price of $39,250, including working capital adjustments and the Company repaid in full the outstanding loan balances of $22,500 in total under the Credit Agricole Facilities dated December and August 2011, respectively. The loss due to sale is expected to be approximately $13,498. Please see also Note 11 above. </font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In February 2021, the Company completed the sale to an unrelated third party of the Navios Astra, a 2006-built Ultra Handymax vessel of 53,468 dwt, for a net sale price of approximately $6,445 and repaid in full the outstanding loan balance of $4,504 under the DVB Bank SE Facility dated March 23, 2012. Please see also Note 7 and Note 11 above.</font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In January 2021, the Company repaid in full the outstanding balance of $9,945 under the Hamburg Commercial Bank AG Facility. Please see also Note 11 above. </font></li><li style="margin-top:6pt; margin-left:58.15pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'">In January 2021, the last barge of the six liquid barges was delivered to Navios Logistics.</font></li></ul></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:269.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Dry bulk vessels</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">25</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminals</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">to</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">49</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tanker vessels, barges and pushboats</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">15</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">to</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">45</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Furniture, fixtures and equipment</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3 to 10 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Computer equipment and software</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Leasehold improvements</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">shorter of lease term or 6 years</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.15pt"><td style="width:316.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Intangible assets</font></p></td><td style="width:24.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:21.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Years</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:24.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:24.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">47</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:24.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:470.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,660</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">54,005</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">60,665</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">194,005</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">59,236</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">253,241</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">73,112</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">73,112</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,364</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,364</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,948</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,948</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,272</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">17,272</font></p></td></tr><tr style="height:7.65pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,606</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,606</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">128</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">382</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">510</font></p></td></tr><tr style="height:13pt"><td style="width:166.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">200,793</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">215,925</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">416,718</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:470.45pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total </font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,727</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">49,488</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">53,215</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">250,187</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">76,680</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">326,867</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">80,180</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">80,180</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,452</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,452</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,310</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,310</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,384</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,384</font></p></td></tr><tr style="height:4.25pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,032</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,032</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">264</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">745</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,009</font></p></td></tr><tr style="height:12.35pt"><td style="width:166.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">254,178</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">228,271</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">482,449</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:472pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:51.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containers Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total </font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">19,121</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">35,623</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">54,744</font></p></td></tr><tr style="height:12.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">278,591</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">72,689</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">363,333</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Profit sharing revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">52</font><font style="font-family:Arial">)</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">52</font><font style="font-family:Arial">)</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">58,552</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">58,552</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">882</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">882</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,136</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,136</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">32,508</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">32,508</font></p></td></tr><tr style="height:10.35pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,739</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,739</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">392</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">505</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">897</font></p></td></tr><tr style="height:14.3pt"><td style="width:136.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">298,052</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">207,634</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">12,053</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">517,739</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 12: FAIR VALUE OF FINANCIAL INSTRUMENTS </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair value of financial instruments </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Cash and cash equivalents:</font><font style="font-family:'Times New Roman'"> The carrying amounts reported in the consolidated balance sheets for interest bearing deposits and money market funds approximate their fair value because of the short maturity of these investments. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Restricted cash:</font><font style="font-family:'Times New Roman'"> The carrying amounts reported in the consolidated balance sheets for interest bearing deposits approximate their fair value because of the short maturity of these investments. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Borrowings</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">:</font><font style="font-family:'Times New Roman'"> The book value has been adjusted to reflect the net presentation of deferred financing costs. The outstanding balance of the floating rate loans continues to approximate their fair value, excluding the effect of any deferred financing costs. The 2022 Notes, the 2022 Senior Secured Notes, the 2025 Logistics Senior Notes and two Navios Logistics&#8217; loans are fixed rate borrowings and their fair value was determined based on quoted market prices. The 2022 Logistics Senior Notes was fixed rate borrowing and their fair value had been determined based on quoted market prices as of December 31, 2019.</font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Loan </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">receivable</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> from affiliate companies:</font><font style="font-family:'Times New Roman'"> The carrying amount of the fixed rate loan approximates its fair value. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Loans </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">payable</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> to affiliate companies:</font><font style="font-family:'Times New Roman'"> The carrying amount of the fixed rate loan approximates its fair value. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investments</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> in available-for-sale securities:</font><font style="font-family:'Times New Roman'"> The carrying amount of the investments in available-for-sale securities reported in the consolidated balance sheets represents unrealized gains and losses on these securities, which were reflected directly in equity unless an unrealized loss was considered &#8220;other-than-temporary&#8221;, in which case it was transferred to the consolidated statements of comprehensive (loss)/income. Since January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018 the unrealized gains and losses on these securities are reflected in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Long-term receivable from affiliate companies: </font><font style="font-family:'Times New Roman'">The carrying amount of long-term receivable from affiliate companies approximates their fair value. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Long-term payable to affiliate companies:</font><font style="font-family:'Times New Roman'"> The carrying amount of long-term payables to affiliate companies approximates their fair value. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The estimated fair values of the Company&#8217;s financial instruments were as follows: </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:20.85pt"><td style="width:191.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="6" style="width:150.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="6" style="width:158.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td colspan="2" style="width:10.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.5pt"><td style="width:191.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:69.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:60.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:69.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:68.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p></td><td style="width:8.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:18pt"><td style="width:191.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991 </font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991 </font></p></td><td style="width:8.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.15pt"><td style="width:191.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303 </font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303 </font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736 </font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736 </font></p></td><td style="width:8.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.5pt"><td style="width:191.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189 </font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189 </font></p></td><td style="width:8.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:14.85pt"><td style="width:191.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan receivable from affiliate companies</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495 </font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495 </font></p></td><td style="width:8.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.5pt"><td style="width:191.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:10pt"><font style="font-family:Arial">Long-term receivable from affiliate company</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328 </font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328 </font></p></td><td style="width:8.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.5pt"><td style="width:191.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Senior and ship mortgage notes, net</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,263,566)</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,054,616)</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,170,679)</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(875,228)</font></p></td><td style="width:8.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.5pt"><td style="width:191.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, including current portion</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(191,636)</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(193,043)</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(262,030)</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(264,498)</font></p></td><td style="width:8.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:22.5pt"><td style="width:191.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loans payable to affiliate companies, including current portion</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(129,227)</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(129,227)</font></p></td><td style="width:8.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538)</font></p></td><td style="width:8.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538) </font></p></td><td style="width:8.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.5pt"><td style="width:191.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term payable to affiliate companies</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial"> </font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000)</font></p></td><td style="width:8.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000)</font></p></td><td style="width:8.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:191.65pt"></td><td style="width:10pt"></td><td style="width:21.9pt"></td><td style="width:48.05pt"></td><td style="width:8.45pt"></td><td style="width:11.25pt"></td><td style="width:9.6pt"></td><td style="width:51.1pt"></td><td style="width:8.3pt"></td><td style="width:10pt"></td><td style="width:21.9pt"></td><td style="width:48.05pt"></td><td style="width:8.45pt"></td><td style="width:11.25pt"></td><td style="width:20.25pt"></td><td style="width:48.45pt"></td><td style="width:8.85pt"></td><td style="width:1.25pt"></td></tr></table></div><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table sets forth our assets that are measured at fair value on a recurring basis categorized by fair value hierarchy level. As required by the fair value guidance, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement</font><font style="font-family:'Times New Roman'">. </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:180.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="14" style="width:294.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:39.6pt"><td style="width:180.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:25.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:65.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:70.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="width:3.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:8.25pt"><td style="width:180.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:16pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:32.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:180.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:16pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">222</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:32.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">222</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.75pt"><td style="width:179.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="14" style="width:293.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td colspan="2" style="width:3.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:27.15pt"><td style="width:179.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:25.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:65.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:70.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:3.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="width:3.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:16.95pt"><td style="width:179.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:15.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:4.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.4pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:4.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:8.5pt"><td style="width:179.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:15.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">189</font></p></td><td style="width:4.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">189</font></p></td><td style="width:4.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:30pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.95pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:3.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:179.95pt"></td><td style="width:18.35pt"></td><td style="width:9.55pt"></td><td style="width:15.95pt"></td><td style="width:4.45pt"></td><td style="width:18.35pt"></td><td style="width:32.4pt"></td><td style="width:33.15pt"></td><td style="width:4.45pt"></td><td style="width:18.35pt"></td><td style="width:30pt"></td><td style="width:40.2pt"></td><td style="width:3.8pt"></td><td style="width:18.35pt"></td><td style="width:23.95pt"></td><td style="width:40.55pt"></td><td style="width:3.25pt"></td><td style="width:0.4pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:12pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company&#8217;s assets measured at fair value on a non-recurring basis were: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:5.4pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:21.75pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:46.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:72pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels, port terminals and other fixed assets, net</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">38,054</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,644</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">31,410</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating lease assets</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,018</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,018</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:30.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:36.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">48,072</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:27pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">6,644</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">41,428</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:30.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:151.45pt"></td><td style="width:23pt"></td><td style="width:9.45pt"></td><td style="width:36.6pt"></td><td style="width:8.5pt"></td><td style="width:14pt"></td><td style="width:27pt"></td><td style="width:45pt"></td><td style="width:9pt"></td><td style="width:13.5pt"></td><td style="width:18pt"></td><td style="width:45pt"></td><td style="width:9pt"></td><td style="width:13.5pt"></td><td style="width:31.5pt"></td><td style="width:0.8pt"></td><td style="width:30.7pt"></td><td style="width:3.45pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company recorded an impairment loss of $59,108 during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 for three of its vessels, the fair value of which is measured at $38,054, as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font></p><p style="margin-top:13.2pt; margin-bottom:12pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company </font><font style="font-family:'Times New Roman'">recorded</font><font style="font-family:'Times New Roman'"> an impairment loss of $1,361 during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 for two of its charter-in vessels, the fair value of which is measured at $10,018, as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020. </font><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-bottom:12pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:5.4pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:311.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:3.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:21.75pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:46.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:72pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Quoted</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Prices</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Active</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Markets</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">for</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Identical</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Assets</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Other</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Observable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Significant</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Unobservable</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Inputs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessels, port terminals and other fixed assets, net</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">62,397</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,497</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">54,900</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:31.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating lease assets</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">89,945</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:27pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">89,945</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:30.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.6pt"><td style="width:151.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:9.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:36.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">152,342</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:27pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,497</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">144,845</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td colspan="2" style="width:32.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:30.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:151.45pt"></td><td style="width:23pt"></td><td style="width:9.45pt"></td><td style="width:36.6pt"></td><td style="width:8.5pt"></td><td style="width:14pt"></td><td style="width:27pt"></td><td style="width:45pt"></td><td style="width:9pt"></td><td style="width:13.5pt"></td><td style="width:18pt"></td><td style="width:45pt"></td><td style="width:9pt"></td><td style="width:13.5pt"></td><td style="width:31.5pt"></td><td style="width:0.8pt"></td><td style="width:30.7pt"></td><td style="width:3.45pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company recorded an impairment loss of $92,013 during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 for three of its vessels, the fair value of which is measured at $62,397, as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company </font><font style="font-family:'Times New Roman'">recorded</font><font style="font-family:'Times New Roman'"> an impairment loss of $38,636 during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 for certain of its charter-in vessels, the fair value of which is measured at $89,945, as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019. </font><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p><p style="margin-top:19.8pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair </font><font style="font-family:'Times New Roman'; font-weight:bold">Value</font><font style="font-family:'Times New Roman'; font-weight:bold"> Measurements </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">estimated</font><font style="font-family:'Times New Roman'"> fair value of our financial instruments that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, are as follows: </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Level I: Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Valuation of these items does not entail a significant amount of judgment. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Level II: </font><font style="font-family:'Times New Roman'">Inputs</font><font style="font-family:'Times New Roman'"> other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Level </font><font style="font-family:'Times New Roman'">III</font><font style="font-family:'Times New Roman'">: Inputs that are unobservable. </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:194.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:281.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements at December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:3.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:194.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:60.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan receivable from affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term receivable from affiliate company</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Senior and ship mortgage notes</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,054,616</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,045,990)</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(8,626)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, including current portion</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(193,043</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(193,043)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loans payable to affiliate companies, including current portion</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(129,227</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:Arial">(129,227)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term payable to affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:5.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:194.4pt"></td><td style="width:18pt"></td><td style="width:13.5pt"></td><td style="width:46.8pt"></td><td style="width:7.8pt"></td><td style="width:8.4pt"></td><td style="width:9pt"></td><td style="width:48.6pt"></td><td style="width:5.25pt"></td><td style="width:13.1pt"></td><td style="width:11.15pt"></td><td style="width:39.2pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:18.15pt"></td><td style="width:39.2pt"></td><td style="width:0.3pt"></td><td style="width:3.05pt"></td></tr></table></div><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:9.9pt"><td style="width:213.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="15" style="width:267.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Fair Value Measurements at December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:3.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:9.9pt"><td style="width:213.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:46.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level I)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level II)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">(Level</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">III)</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investments in available-for-sale-securities</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">189</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loan receivable from affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">24,495</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term receivable from affiliate company</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5,328</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Senior and ship mortgage notes</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(875,228</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(866,602)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(8,626)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, including current portion</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(264,498</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(264,498) </font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loans payable to affiliate companies, including current portion</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(130,538)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:213.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term payable to affiliate companies</font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(2)</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:36.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,000)</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:13.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:3.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:213.2pt"></td><td style="width:13.1pt"></td><td style="width:9.6pt"></td><td style="width:36.8pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:11.15pt"></td><td style="width:39.2pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:11.15pt"></td><td style="width:39.2pt"></td><td style="width:7.8pt"></td><td style="width:13.1pt"></td><td style="width:18.15pt"></td><td style="width:39.2pt"></td><td style="width:0.3pt"></td><td style="width:3.05pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:543.1pt; border-collapse:collapse; text-align:left"><tr style="height:25.45pt"><td style="width:21.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1)</font></p></td><td style="width:521.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">The fair value of the Company&#8217;s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company&#8217;s creditworthiness.</font></p></td></tr><tr style="height:25.45pt"><td style="width:21.7pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(2)</font></p></td><td style="width:521.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">The fair value of the Company&#8217;s loan receivable from/payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty&#8217;s creditworthiness.</font></p></td></tr></table><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE</font><font style="font-family:'Times New Roman'; font-weight:bold"> 5: ACCOUNTS RECEIVABLE, NET </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Accounts</font><font style="font-family:'Times New Roman'"> receivable consisted of the following: </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:237.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:55.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td colspan="3" style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:237.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Accounts receivable</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">69,694</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">68,309 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:237.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less: Allowance for credit losses</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(15,366)</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,377)</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:12.4pt"><td style="width:237.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Accounts receivable, net</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:49.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">54,328</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:23pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td colspan="2" style="width:38.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">51,932</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:237.2pt"></td><td style="width:23pt"></td><td style="width:14.3pt"></td><td style="width:49.5pt"></td><td style="width:7.8pt"></td><td style="width:23pt"></td><td style="width:18.7pt"></td><td style="width:36.95pt"></td><td style="width:1.9pt"></td><td style="width:1pt"></td><td style="width:5.1pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:12pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Changes</font><font style="font-family:'Times New Roman'"> to the allowance for credit losses are summarized as follows: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:218.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Allowance for credit losses</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:54pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Beginning</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">of</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:45.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Charges</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">to</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Costs and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expenses</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amount</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Utilized</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:45.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Balance at</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">End of</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Period</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Year ended December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2018</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19,706</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(575</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,195</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,086</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.1pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Year ended December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2019</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.85pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,086</font></p></td><td style="width:7.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">) </font></p></td><td style="width:12.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:26.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(999</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">708</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,377</font></p></td><td style="width:8.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:218.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Year ended December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2020</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:22.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.85pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,377</font></p></td><td style="width:7.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">) </font></p></td><td style="width:12.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:26.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(541</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,552</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:31.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(15,366</font></p></td><td style="width:8.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Concentration of credit risk with respect to accounts receivable is limited due to the Company&#8217;s large number of customers, who</font><font style="font-family:'Times New Roman'"> are internationally dispersed and have a variety of end markets in which they sell. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Company&#8217;s trade receivables. For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, two customers accounted for 16.4% and 11.2%, respectively, of the Company&#8217;s revenue. For the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, two customers accounted for 17.1% and 14.4%, respectively, of the Company&#8217;s revenue from continuing operations and were the same customers who accounted for 13.1% and 11.6%, respectively, of the Company&#8217;s revenue from continuing operations for the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018.</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 15: LEASES </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Time charter out contracts </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company&#8217;s contract revenues from time chartering are governed by ASC 842. Upon adoption of ASC 842, the timing and recognition of earnings from the time charter contracts to which the Company is party did not change from previous practice. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The Company has determined to recognize lease revenue as a combined single lease component for all time charters (operating leases) as the related lease component and non-lease component will have the same timing and pattern of the revenue recognition of the combined single lease component. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the vessel is an identifiable asset; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the Company does not have substantive substitution rights; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected to not separate the </font><font style="font-family:'Times New Roman'">lease</font><font style="font-family:'Times New Roman'"> and non-lease components included in the time charter revenue because (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As a result of the adoption of these standards, there was no effect on the Company&#8217;s opening accumulated deficit, consolidated balance sheets </font><font style="font-family:'Times New Roman'">and</font><font style="font-family:'Times New Roman'"> consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Time </font><font style="font-family:'Times New Roman'; font-style:italic">charter</font><font style="font-family:'Times New Roman'; font-style:italic">-in and bareboat-in contracts </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Holdings had time charter-in and bareboat-in contracts whose remaining lease terms ranged from 0.1 years to 9.5 years. Certain operating leases have optional periods. Based on management estimates and market conditions, the lease term of these leases is being </font><font style="font-family:'Times New Roman'">assessed</font><font style="font-family:'Times New Roman'"> at each balance sheet date. The Company will continue to recognize the lease payments for all operating leases as charter hire expense on the consolidated statements of comprehensive (loss)/income on a straight-line basis over the lease term. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Land lease </font><font style="font-family:'Times New Roman'; font-style:italic">agreements</font><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Logistics had land lease agreements whose remaining lease terms range from 45.2 years to 45.6 years. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Office lease </font><font style="font-family:'Times New Roman'; font-style:italic">agreements</font><font style="font-family:'Times New Roman'; font-style:italic"> </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, Navios Logistics had office lease agreements whose remaining lease terms ranged from 0.5 years to 2.8 years, </font><font style="font-family:'Times New Roman'">respectively</font><font style="font-family:'Times New Roman'">.</font><font style="font-family:'Times New Roman'">&#xa0; </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity&#8217;s income statement. For operating leases, ASC 842 requires recognition in an entity&#8217;s </font><font style="font-family:'Times New Roman'">income</font><font style="font-family:'Times New Roman'"> statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. </font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.5pt"><td style="width:141.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:51.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease assets</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Charter-in contracts </font><font style="font-family:Arial; font-size:6pt; vertical-align:super">(1)</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">219,574</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">255,153</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">219,574</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">255,153</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Land lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,660</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,660</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Office lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">510</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,192</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">510</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,192</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:44.7pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">219,574</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">255,153</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,388</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.55pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,852</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">227,962</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:35.7pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">264,005</font></p></td><td style="width:4.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease liabilities, current portion</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Charter-in contracts</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">81,276</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">86,636</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">81,276</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">86,636</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Land lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(199</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(218</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(199</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(218</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Office lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">338</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">685</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">338</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">685</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:44.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">81,276</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">86,636</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">139</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.55pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">467</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.3pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">81,415</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:35.7pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">87,103</font></p></td><td style="width:4.8pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease liabilities, net of current portion</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; border-top-style:double; border-top-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Charter-in contracts</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">185,092</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">217,932</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">185,092</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">217,932</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Land lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,077</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,077</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7,878</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Office lease agreements</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:44.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">181</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">519</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">181</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:35.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">519</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:141.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:44.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">185,092</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:47pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">217,932</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,258</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">8,397</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">193,350</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:35.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">226,329</font></p></td><td style="width:4.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:12pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">(1)Based on the net present value of the remaining charter-in and rental payments for existing operating leases.</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">At lease commencement, the Company determines a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. In determining the discount rate to be used at lease commencement, the Company used its incremental borrowing rate as there was no implicit rate included in charter-in and bareboat-in contracts, land lease and office lease agreements that can be readily determinable. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company then applied the respective incremental borrowing rates to each lease based on the remaining lease term of the specific lease. Navios Holdings&#8217; and Navios Logistics&#8217; incremental borrowing rates upon adoption were 8.25% and 7.25%, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The tables below present the components of the Company&#8217;s lease expense for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:447.2pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.4pt"><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for charter-in contracts</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,545</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6,587</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">101,132</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for land lease agreements</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">564</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">564</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for office lease agreements</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">600</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">600</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">94,545</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,751</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">102,296</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:447.2pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.4pt"><td style="width:196.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:76pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:71.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:77.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for charter-in contracts</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:67.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">117,562</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:62.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,865</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:73.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">121,427</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for land lease agreements</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:67.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">552</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">552</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for office lease agreements</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:67.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,825</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:62.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">676</font></p></td><td style="width:4.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:73.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,501</font></p></td><td style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:196.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:67.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.6pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">119,387</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:62.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-right:5.9pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,093</font></p></td><td style="width:4.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:73.1pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">124,480</font></p></td><td style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:49.8pt"><td style="width:195.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:75.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31,</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:74.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:75.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for charter-in contracts</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">131,438</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:66.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">114</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">131,552</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for land lease agreements</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">344</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">344</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lease expense for office lease agreements</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,174 </font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:66.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">702</font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:69.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,876 </font></p></td><td style="width:2.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:195.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:69.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">133,612</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:66.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,160</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:69.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">134,772</font></p></td><td style="width:2.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Lease expenses for charter-in contracts (including bareboat-in contracts) are included in the consolidated statement of comprehensive (loss)/ income within the caption &#8220;Time charter, voyage and logistics business expenses&#8221;. Lease expenses for land lease agreements and office lease agreements are included in the consolidated statement of comprehensive (loss)/income within the captions &#8220;Time charter, voyage and logistics business expenses&#8221; and &#8220;General and administrative expenses&#8221;, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, Navios Holdings recorded an impairment loss of $1,361 and $38,636 for certain of its charter-in vessels, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the Company entered into new lease liabilities amounting to $43,516 and $47,064, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The table below provides the total amount of lease payments on an undiscounted basis on our charter-in contracts (including bareboat-in contracts), office lease agreements and land lease agreements as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020: </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:31.2pt"><td style="width:275.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:53.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Charter-in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">vessels in</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">operation</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50.05pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Land Leases</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Office</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">space</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2021</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100,690</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:43.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">356</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2022</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63,995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">101</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2023</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">54,148</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">81</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2024</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">39,788</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2025</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">19,076</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">556</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:middle"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">December 31, 2026 and thereafter</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">45,934</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:43.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">22,446</font></p></td><td style="width:4.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:58.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:48.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">323,631</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">25,226</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">538</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Operating lease liabilities, including current portion</font></p></td><td style="width:7.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:48.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">266,367</font></p></td><td style="width:4.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,878</font></p></td><td style="width:4.6pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:58.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">519</font></p></td></tr><tr style="height:13pt"><td style="width:275.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Discount based on incremental borrowing rate</font></p></td><td style="width:7.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.15pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:48.5pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">57,264</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:17.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.25pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:43.8pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">17,348</font></p></td><td style="width:4.6pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:5.9pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:58.9pt; border-top-style:double; border-top-width:1.5pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">19</font></p></td></tr></table></div><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the weighted average remaining lease terms on our charter-in contracts (including bareboat-in contracts), office lease agreements and land leases are 4.9 years, 1.5 years and 45.3 years, respectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, the weighted average remaining lease terms on our charter-in contracts (including bareboat-in contracts), office lease agreements and land leases are 4.5 years, 1.9 years and 46.3 years, respectively. </font></p><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Charter</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">-out vessels, barges and pushboats: </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The future </font><font style="font-family:'Times New Roman'">minimum</font><font style="font-family:'Times New Roman'"> revenue, net of commissions, (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">for dry bulk vessels, expected to be earned on non-cancelable time charters; and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">for the Company&#8217;s logistics business, expected to be earned on non-cancelable time charters, COA&#8217;s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics&#8217; ports expected to be earned on non-cancelable time charters, are as follows: </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:227.55pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:19.8pt"><td style="width:227.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:55.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">bulk</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">vessels</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">business</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2021</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">36,850</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">119,181</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2022</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; background-color:#cceeff">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">95,041</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2023</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">82,671</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2024 </font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; background-color:#cceeff">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">71,458</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:6.75pt"><td style="width:227.55pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2025 </font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">71,427</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2026 and thereafter</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; background-color:#cceeff">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:41pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">583,645</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:227.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total minimum revenue, net of commissions</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">36,850</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:41pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1,023,423</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:8pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel. </font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:56.75pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:81.2pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:82.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="width:74.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">200,794</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">215,924</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">416,718</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest income</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">48</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">209</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">257</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and financing cost</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(88,237)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(48,322)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(136,559)</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(42,076)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(28,939)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(71,015)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:23.2pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Equity in net losses of affiliate companies</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,293)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,293)</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:20.95pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,207)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(754)</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,961)</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total assets</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,316,936</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">654,389</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,971,325</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Goodwill</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,240</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">104,096</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">160,336</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Capital expenditures</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(99,068)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(8,441)</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(107,509)</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investment in affiliate companies</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,988</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,988</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20,011</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">74,870</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">94,881</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.25pt"><td style="width:149.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:48.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:46.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:9.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,303</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:25.85pt"><td style="width:149.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:48.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,043,839</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:46.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">540,590</font></p></td><td style="width:9.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:48.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,584,429</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:149.95pt"></td><td style="width:17.35pt"></td><td style="width:33pt"></td><td style="width:48.2pt"></td><td style="width:9.1pt"></td><td style="width:17.35pt"></td><td style="width:36.7pt"></td><td style="width:46.25pt"></td><td style="width:9.1pt"></td><td style="width:17.35pt"></td><td style="width:7pt"></td><td style="width:19.5pt"></td><td style="width:1.45pt"></td><td style="width:46.7pt"></td><td style="width:9pt"></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:57.15pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:79.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:81.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="5" style="width:75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">254,178</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">228,271</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">482,449</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Administrative fee revenue from affiliate companies</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,991</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,991</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest income</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9,610</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,052</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,662</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and financing cost</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(92,948)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(40,531)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(133,479)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(52,288)</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(29,435)</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(81,723)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Equity in net losses of affiliate companies</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(9,185)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(9,185)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:34.65pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(209,096)</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,986</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,110)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total assets</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,511,517</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">631,338</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,142,855</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Goodwill</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,240</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">104,096</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">160,336</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Capital expenditures</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(36,628)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,943)</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(44,571)</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investment in affiliate companies</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">64,352</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">64,352</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32,386</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">45,605</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:27.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">77,991</font></p></td><td colspan="2" style="width:9.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:14.4pt"><td style="width:152.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.95pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">736</font></p></td><td colspan="2" style="width:9.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:23.85pt"><td style="width:152.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,048,318</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">514,929</font></p></td><td style="width:8.95pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:47.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,563,247</font></p></td><td colspan="2" style="width:9.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:152.05pt"></td><td style="width:17.1pt"></td><td style="width:32.45pt"></td><td style="width:47.45pt"></td><td style="width:8.95pt"></td><td style="width:17.1pt"></td><td style="width:36.15pt"></td><td style="width:45.45pt"></td><td style="width:8.95pt"></td><td style="width:17.1pt"></td><td style="width:6.9pt"></td><td style="width:19.2pt"></td><td style="width:1.45pt"></td><td style="width:46pt"></td><td style="width:1.45pt"></td><td style="width:8pt"></td><td style="width:1.5pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:59.4pt"><td style="width:132.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:71.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Bulk</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Vessel</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Operations</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:73.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:77.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containers</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Business</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:67.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">for the</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Revenue</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">298,052</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">207,634</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">517,739</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Administrative fee revenue from affiliate companies</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">28,972</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(579</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">28,393</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest income</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,231</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">517</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">8,748</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Interest expense and financing cost</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(98,247</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(39,669</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,204</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(139,120</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Depreciation and amortization</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(70,472</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(29,307</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,060</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(102,839</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Equity in net losses of affiliate companies</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(80,205</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(80,205</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:37.1pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net (loss)/ income attributable to Navios Holdings common stockholders</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(273,125</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,380</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">27</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(268,718</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Total assets</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,558,581</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">677,343</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">446,572</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,682,496</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Goodwill</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">56,240</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">104,096</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">160,336</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Capital expenditures</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(41,003</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(19,879</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(24,763</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(85,645</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Investment in affiliate companies</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">91,111</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">91,111</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cash and cash equivalents</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">44,452</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">76,472</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,958</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">137,882</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:132.8pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Restricted cash</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10,958</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,934</font></p></td><td style="width:8.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:42.7pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,892</font></p></td><td style="width:8.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:37.1pt"><td style="width:132.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Long-term debt, net (including current and noncurrent portion)</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:29.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,063,762</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:32.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">530,186</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:36.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:40.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">222,059</font></p></td><td style="width:8.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:24.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:42.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,816,007</font></p></td><td style="width:8.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.7pt"><td style="width:207.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">North America</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,259</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">4,248</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Australia</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,055</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Europe</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">132,582</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">179,009</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">142,688</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Asia</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63,610</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">67,468</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">135,614</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">South America</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">218,442</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">232,394</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">208,751</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Other</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">28</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,319</font></p></td><td style="width:4.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">26,438</font></p></td><td style="width:4.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:207.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">416,718</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">482,449</font></p></td><td style="width:4.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:20.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">517,739</font></p></td><td style="width:4.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:537.05pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:29.55pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:50pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Numerator:</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:10.35pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Net loss attributable to Navios Holdings common stockholders</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,961</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(192,110</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(268,718</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Less:</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:5.8pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Undeclared dividend on preferred stock and on unvested restricted shares</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(5,144</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7,178</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(10,241</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Plus:</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:31.35pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tender Offer &#8212; Redemption of preferred stock Series G and H including $16,863 of undeclared preferred dividend cancelled</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">45,680</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.15pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Gain from eliminated dividend on preferred stock due to conversion</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">166</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:11.2pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Loss attributable to Navios Holdings common stockholders, basic and diluted</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(197,939</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(153,608</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(278,959</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.35pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Denominator:</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:17.9pt"><td style="width:333pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Denominator for basic and diluted net loss per share attributable to Navios Holdings common stockholders &#8212; adjusted weighted shares</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:54pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,896,568</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:47.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,356,024</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:45.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11,958,959</font></p></td><td style="width:5.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:3.95pt"><td style="width:333pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Basic and diluted net loss per share attributable to Navios Holdings common stockholders</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:54pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(15.35</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:47.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(12.43</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:45.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(23.33</font></p></td><td style="width:5.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 8: INTANGIBLE ASSETS OTHER THAN GOODWILL </font></p><p style="margin-top:13.2pt; margin-bottom:12pt; text-align:center; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net</font><font style="font-family:'Times New Roman'; font-weight:bold"> Book Value of Intangible Assets other than Goodwill as at December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2020 </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:75.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name </font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">90,000 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(43,175)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,825</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">53,152 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(13,835)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">39,317</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,490 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(23,069)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,421</font></p></td></tr><tr style="height:11.2pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Intangible assets</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:38.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">178,642 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:49.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(80,079)</font></p></td><td style="width:13.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">98,563</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-bottom:12pt; text-align:center; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net Book Value of Intangible Assets other than Goodwill as at December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31, 2019 </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; widows:0; orphans:0; font-size:9pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:17.85pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Acquisition</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Cost</font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:64.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Accumulated</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="3" style="width:75.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Net</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Book</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Value</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">90,000 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(40,357)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">49,643</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">53,152 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(12,837)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">40,315</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">35,490 </font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(21,294)</font></p></td><td style="width:13.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,196</font></p></td></tr><tr style="height:7.45pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Favorable lease terms &#8211; Navios Containers</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">31,342 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(16,855)</font></p></td><td style="width:13.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">14,487</font></p></td></tr><tr style="height:4.7pt"><td style="width:207.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Containers deconsolidation</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:38.85pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(31,342)</font></p></td><td style="width:1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:49.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">16,855</font></p></td><td style="width:13.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:1pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0; </font><font style="font-family:Arial">(14,487)</font></p></td></tr><tr style="height:11.2pt"><td style="width:207.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total Intangible assets</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:38.85pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">178,642 </font></p></td><td style="width:1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:14.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:15.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:49.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">(74,488)</font></p></td><td style="width:13.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">104,154</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Amortization expense and write offs for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 were as follows:</font></p><p style="margin-top:6.6pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:59.4pt"><td style="width:194.7pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:63pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:52.3pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Amortization</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Expense and</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Write Offs</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year Ended</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31,</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,818</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,811 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,811</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">998</font><font style="font-family:Arial">&#xa0; </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">999 </font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">950</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,774 </font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,774</font></p></td><td style="width:8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:194.7pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,591</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,584</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:21.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:23.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,535</font></p></td><td style="width:8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:13.2pt; margin-bottom:12pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'"> remaining aggregate amortization of acquired intangibles as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was as follows: </font></p><table cellspacing="0" cellpadding="0" style="width:540.1pt; border-collapse:collapse; text-align:left"><tr style="height:19.8pt"><td style="width:92.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Description</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:48pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Within</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">one</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">year</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:45.95pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Two</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:59.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Three</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.6pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Four</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:56.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Year</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">Five</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:58.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Thereafter</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:43.1pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:92.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,</font><font style="font-family:Arial">811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:28.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,</font><font style="font-family:Arial">811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,</font><font style="font-family:Arial">811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,818</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2,811</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32,763</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">$</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">46,825</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:92.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.65pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">995</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">34,342</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">39,317</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:24.75pt"><td style="width:92.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.3pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:28.65pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.15pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1,775</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3,546</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:33.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12,421</font></p></td><td style="width:4.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:92.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Total amortization</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:19.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.3pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:28.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:20.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,588</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.2pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,581</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">70,651</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:6.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.6pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:33.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">98,563</font></p></td><td style="width:4.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:4.5pt; margin-bottom:0pt; text-align:justify; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">NOTE 13: EMPLOYEE BENEFIT PLANS </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Retirement Saving Plan </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company sponsored an employee saving plan covering all of its employees in the United States. The Company&#8217;s contributions to the employee saving plan during the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, were approximately $0, $73 and $132, respectively, which included a discretionary contribution of $0, $0 and $36, respectively. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these benefits are provided by NSM. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Defined Benefit Pension Plan </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company sponsored a legacy unfunded defined benefit pension plan that covered certain Bahamian and Uruguayan nationals and former Navios Corporation employees. The liability related to the plan was recognized based on actuarial valuations. The current portion of the liability was included in accrued expenses and the non-current portion of the liability was included in other long-term liabilities. There were no pension plan assets. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these benefits are provided by NSM. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Greek office employees were protected by the Greek Labor Law. According to the law, the Company was required to pay retirement indemnities to employees on dismissal, or on leaving with an entitlement to a full security retirement pension. Please refer to Note 2(s). Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these benefits are provided by NSM. </font></p><p style="margin-top:6.6pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Stock Plan </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The Company has awarded restricted share units, shares of restricted common stock and restricted stock units to its employees, officers and directors. The restriction lapses in two, three or four equal tranches, over the requisite service periods, of one, two, three and four years from the grant date. The Company has also awarded share appreciation rights and stock options to its officers and directors only, based on service conditions, which vest in three equal tranches over the requisite service periods of one, two and three years from the grant date. Each option expires seven years after its grant date. Please refer to Note 2(s). </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, the Company did not award any restricted stock, restricted stock units or stock options, which vest upon achievement of certain performance conditions. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of all share appreciation rights awards and stock option awards has been calculated based on the modified Black-Scholes method. A description of the significant assumptions used to estimate the fair value of the stock option awards is set out below: </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-top:6pt; margin-left:52.1pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Expected term:</font><font style="font-family:'Times New Roman'"> The Company began granting stock options in October 2007. The first stock option exercise was in 2010 and the number of options exercised (adjusted to reflect the Reverse Stock Split) during each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2014 (14,319), 2013 (15,356), 2012 (2,925), 2011 (13,058)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">and 2010 (13,058)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">was small in relation to the total number of options granted. No stock options were exercised during the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018. Therefore, due to limited historical share option exercise experience to provide for a reasonable basis upon which to estimate expected term, the Company opted to apply the simplified method.</font></li></ul><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The &#8220;simplified method&#8221; used includes taking the average of the weighted average time to vesting and the contractual term of the share appreciation rights and option awards. The service conditions share appreciation rights and option awards vest over three years at 33.3%, 33.3% and 33.4%, respectively, resulting in a weighted average time to vest of approximately 2</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years. The contractual term of the award is 7</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years. Utilizing the simplified approach formula, the derived expected term estimate for the Company&#8217;s service conditions share appreciation rights and option award is 4.5</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years. </font></p><ul type="disc" style="margin:0pt; padding-left:0pt"><li style="margin-left:52.1pt; widows:0; orphans:0; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Expected volatility:</font><font style="font-family:'Times New Roman'"> The historical volatility of Navios Holdings&#8217; shares was used in order to estimate the volatility of the share appreciation rights and stock option awards. The final expected volatility estimate, which equals the historical estimate, for the service conditions option awards was 84.71% and 55.17% for 2016 and 2015, respectively.</font></li><li style="margin-top:12pt; margin-left:52.1pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Expected dividends:</font><font style="font-family:'Times New Roman'"> The expected dividend is based on the current dividend, our historical pattern of dividend changes and the market price of our stock.</font></li><li style="margin-top:12pt; margin-left:52.1pt; padding-left:8.4pt; font-family:serif; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Risk-free rate:</font><font style="font-family:'Times New Roman'"> Navios Holdings has selected to employ the risk-free yield-to-maturity rate to match the expected term estimated under the &#8220;simplified method&#8221;. For the service conditions share appreciation rights and option awards, the 4.5-year yield-to-maturity rate as of the grant date was 1.81% and 1.46% for 2016 and 2015, respectively.</font></li></ul><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of </font><font style="font-family:'Times New Roman'">restricted</font><font style="font-family:'Times New Roman'"> share unit, restricted stock and restricted stock unit grants excludes dividends to which holders of restricted share units, restricted stock and restricted stock units are not entitled. The expected dividend assumption used in the valuation of restricted share unit, restricted stock and restricted stock units grant is $0 for 2020, 2019 and 2018. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">No restricted stock has been granted for the year ended December 31, 2020.</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The weighted average grant date fair value of restricted stock granted during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019 was $2.84. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The weighted average grant date fair value of restricted stock granted during the year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018 was $3.0. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The effect of compensation expense arising from the stock-based arrangements described above amounted to $1,268, $2,885 and $4,556 for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, respectively and it was reflected in general and administrative expenses on the consolidated statements of comprehensive (loss)/income. The recognized compensation expense for the year is presented as an adjustment to reconcile net income to net cash provided by operating activities on the consolidated statements of cash flows. </font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The outstanding stock-based awards as of August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, date of the sale of the management division, relate to grants to the Company&#8217;s officers and directors.</font></p><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">summary</font><font style="font-family:'Times New Roman'"> of stock-based awards is summarized as follows (in thousands except share and per share data which have been adjusted to reflect the Reverse Stock Split): </font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:197.45pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:40.7pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Options</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:51.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Shares</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">exercise</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">price</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Weighted</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">average</font></p><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">remaining</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">term</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:57.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Aggregate</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">fair value</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">790,458</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">29.8</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.80</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">7,539</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">136,011</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Exercisable at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">136,011</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(128,481</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,843</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">661,977</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">28.2</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.36</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,696</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">116,667</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Exercisable at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">116,667</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(132,209</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(682</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">529,768</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">26.6</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2.96</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,014</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">83,333</font></p></td><td style="width:7.8pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Exercisable at December</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">83,333</font></p></td><td style="width:7.8pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:4.5pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:8.25pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(67,475</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,199</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Outstanding as of December 31, 2020</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:middle; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">462,293</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">17.9</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2.25</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3,815</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Restricted stock and restricted stock units</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2017</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">701,731</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.09</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">9,059</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">287,500</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">863</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(279,071</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,425</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(450</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(7</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2018</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">709,710</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">3.11</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">6,490</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">167,515</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">476</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vested</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(180,469</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(1,595</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Forfeited or expired</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(3,367</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(42</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2019</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">693,389</font></p></td><td style="width:7.8pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2.32</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">5,329</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Granted</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:40.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; 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text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">(17</font></p></td><td style="width:8.25pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">)</font></p></td></tr><tr style="height:12.4pt"><td style="width:197.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">Non Vested as of December</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">31, 2020</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">382,380</font></p></td><td style="width:7.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:40.35pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#8212;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18.05pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">1.72</font></p></td><td style="width:4.5pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:12.85pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:18pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:39.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">2,453</font></p></td><td style="width:8.25pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td></tr></table></div><p style="margin-top:12pt; margin-bottom:0pt; text-indent:24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-indent:23.1pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">estimated</font><font style="font-family:'Times New Roman'"> compensation cost relating to service conditions of non-vested (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">share appreciation rights and stock options and (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">restricted</font><font style="font-family:'Times New Roman'"> share units, restricted stock and restricted stock unit awards, not yet recognized was $0 and $666, respectively, as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and is expected to be recognized over the weighted average period of 2.17 years. </font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Principles of consolidation:</font><font style="font-family:'Times New Roman'"> The accompanying consolidated financial statements include the accounts of Navios Holdings, a Marshall Islands corporation, and both its majority and wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidated statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company also consolidates entities that are determined to be variable interest entities (&#8220;VIE&#8221;) as defined in the accounting guidance, if the Company determines that it is the primary beneficiary. A VIE is defined as a legal entity where either (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">equity interest holders as a group lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity&#8217;s residual risks and rewards, or (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the equity interest holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity&#8217;s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Subsidiaries:</font><font style="font-family:'Times New Roman'"> Subsidiaries are those entities in which the Company has an interest of more than one-half of the voting rights or otherwise has power to govern the financial and operating policies of the entity. The acquisition method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition. The excess of the cost of acquisition over the fair value of the net assets acquired and liabilities assumed is recorded as goodwill. All subsidiaries included in the consolidated financial statements are 100% owned, except for Navios Logistics and Navios Containers (for the period consolidated from November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 to August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019), which are 63.8% and 3.7% owned by Navios Holdings, respectively. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Discontinued Operations:</font><font style="font-family:'Times New Roman'"> Discontinued operations comprise the operations of a disposed component of an entity or a group of components of an entity if the disposal represents a strategic shift that has (or will have) a major effect on an entity&#8217;s operations and financial results. The Company determined that the disposal of Navios Containers&#8217; general partnership interest effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, referred to in Note 3, which resulted in loss of control and deconsolidation of Navios Containers from that date onwards, represented a strategic shift in Company&#8217;s business due to the fact that the Containers Business represented a reportable segment of the Company and has, therefore, recorded the results of its Containers Business operations as discontinued operations in the consolidated statements of comprehensive (loss)/ income for all the periods presented. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investments in Affiliate Companies:</font><font style="font-family:'Times New Roman'"> Affiliate companies are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but it does not exercise control. Investments in these entities are accounted for under the equity method of accounting. Under this method, the Company records an investment in the stock of an affiliate company at cost, and adjusts the carrying amount for its share of the earnings or losses of the affiliate company subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate company reduce the carrying amount of the investment. The Company recognizes gains and losses in earnings for the issuance of shares by its affiliate companies, provided that the issuance of shares qualifies as a sale of shares. When the Company&#8217;s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate company. </font></p><p style="margin-top:12pt; margin-left:22.5pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Affiliate companies included in the financial statements accounted for under the equity method </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In the consolidated financial statements of Navios Holdings, the following entities are included as affiliate companies and are accounted for under the equity method for such periods: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Partners and its subsidiaries (ownership interest as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was 17.9%); (ii) Navios Acquisition and its subsidiaries (economic interest as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was 29.5%); (iii) Navios Europe I and its subsidiaries (economic interest through liquidation in December 2019 was 47.5%); (iv)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Europe II and its subsidiaries (economic interest through liquidation in June 2020 was 47.5%); and (v)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Navios Containers and its subsidiaries (ownership interest as of November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, date of obtaining control, and from August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, date of loss of control was 3.7% and as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 was 3.9%).</font></p><p style="margin-top:13.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Subsidiaries</font><font style="font-family:'Times New Roman'; font-weight:bold"> Included in the Consolidation: </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="width:100.04%; border-collapse:collapse"><tr style="height:9.9pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Ownership</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Country</font><font style="font-family:Arial; font-weight:bold">&#xa0;</font><font style="font-family:Arial; font-weight:bold">of</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="5" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Statements of Operations</font></p></td></tr><tr style="height:12.15pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Company Name</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1.1pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Nature</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="4" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Interest</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Incorporation</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2020</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2019</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">2018</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Holdings Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Holding Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios South American Logistics Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">63.8</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Containers L.P.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Holding Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3.7</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#8211;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11/30</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios International Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navimax Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Hestia Shipping Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Malta</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:1.06%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Malta</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:38.25pt"><td style="width:30.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Kleimar N.V.</font></p></td><td style="width:1.3%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Company/</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Owning</font><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Company/</font></p><p style="margin-top:0pt; margin-bottom:1.1pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:1.06%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Belgium</font></p></td><td style="width:1.06%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; 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margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#8211;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Bulkinvest S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Luxembourg</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Primavera Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Ginger Services Co.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Aquis Marine Corp.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Ionian Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Meridian Shipping Enterprises Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Owning</font><font style="font-family:Arial">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Arc Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Horizon Shipping Enterprises Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Magellan Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Aegean Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:24.75pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Star Maritime Enterprises Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; 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background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">9/30</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3/22</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vernazza Shiptrade Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1 - 12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">9/25-12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Corporation Management Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td style="width:2.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td style="width:0.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">7/4 -8/29</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:7.65pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Beaufiks Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:17.98%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Nostos Shipmanagement Corp.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Portorosa Marine Corp.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Shikhar Ventures S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sizzling Ventures Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Taharqa Spirit Corp.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rumer Holding Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pharos Navigation S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pueblo Holdings Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Quena Shipmanagement Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Aramis Navigation Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">White Narcissus Marine S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Panama</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios GP L.L.C.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Red Rose Shipping Corp.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Ducale Marine Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vector Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Faith Marine Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Liberia</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:11.7pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Maritime</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Finance</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">(US)</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Delaware</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Finance II (US) Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Delaware</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tulsi Shipmanagement Co.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Cinthara Shipping Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mauve International S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Serenity Shipping Enterprises Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Mandora Shipping Ltd</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Solange Shipping Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Diesis Ship Management Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Holdings Europe Finance Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Asia LLC</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Iris Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Jasmine Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:21.95pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Emery Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">9/30</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Lavender Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Esmeralda Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/30</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Triangle Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/30</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Roselite Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Smaltite Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Motiva Trading Ltd.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Alpha Merit Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Sub-Holding Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Asteroid Shipping S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/12</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; 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vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/15</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; 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text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">2/13</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Navios Maritime Containers GP LLC</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:1.06%; 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margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Management Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">8/29</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:23.35pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Pacifico Navigation Corp.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">11/7</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Rider Shipmanagement Inc.</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">12/4</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Talia Shiptrade S.A.</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Operating Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">1/1</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">-</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">10/11-12/31</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Moonstone Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6/30 &#8211; 12/31</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.06%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:12.25pt"><td style="width:30.32%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Opal Shipping Corporation</font></p></td><td style="width:1.3%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Vessel Owning Company</font></p></td><td style="width:0.96%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.38%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:3.54%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">100</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">%</font></p></td><td colspan="2" style="vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.66%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Marshall Is.</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:6.86%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">6/30 &#8211; 12/31</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.84%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td><td style="width:1.06%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:9.42%; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#8212;</font></p></td></tr><tr style="height:0pt"><td style="width:141.95pt"></td><td style="width:6.05pt"></td><td style="width:84.2pt"></td><td style="width:5pt"></td><td style="width:4.5pt"></td><td style="width:16pt"></td><td style="width:16.55pt"></td><td style="width:0.95pt"></td><td style="width:10.85pt"></td><td style="width:2.55pt"></td><td style="width:1.8pt"></td><td style="width:49.9pt"></td><td style="width:5pt"></td><td style="width:32.1pt"></td><td style="width:5pt"></td><td style="width:36.7pt"></td><td style="width:5pt"></td><td style="width:44.1pt"></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Use of Estimates:</font><font style="font-family:'Times New Roman'"> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the assessment of other-than-temporary impairment related to the carrying value of investments in affiliate companies, the selection of useful lives for tangible and intangible assets, expected future cash flows from long-lived assets and operating lease assets to support impairment tests, impairment test for goodwill, allowance for credit losses necessary for accounts receivables and demurrages, provisions for legal disputes, pension benefits, contingencies and guarantees. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The spread of the COVID-19 pandemic, which has been declared a pandemic by the World Health Organization, in 2020, has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. </font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on our business, financial performance and the results of our operations, including due to decreased demand for global seaborne dry bulk trade and charter rates, the extent of which will depend largely on future developments. As a result, many of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change in future periods. Actual results could differ from those estimates under different assumptions and/or conditions.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(d)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Cash and Cash Equivalents:</font><font style="font-family:'Times New Roman'"> Cash and cash equivalents consist of cash on hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(e)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Restricted Cash:</font><font style="font-family:'Times New Roman'"> As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, restricted cash included $684 and $726, respectively, which related to amounts held in retention accounts in order to service debt and interest payments, as required by certain of Navios Holdings&#8217; credit facilities. Also included in restricted cash as of both December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019 are amounts held as security in the form of letters of guarantee or letters of credit totaling $10.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">As of December 31, 2020 restricted cash also included an amount of $15,609 concerning the proceeds from the sale of Navios Northern Star and Navios Amitie held as cash collateral in an escrow account, following the vessels&#8217; disposal and release from the 2022 Notes. See also Note 11.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(f)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Insurance Claims:</font><font style="font-family:'Times New Roman'"> Insurance claims at each balance sheet date consist of claims submitted and/or claims in the process of compilation or submission (claims pending). They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31 of each reporting period, which are probable to be recovered from insurance companies. Any remaining costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management&#8217;s expectations as to their collection dates.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(g)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Inventories:</font><font style="font-family:'Times New Roman'"> Inventories, which are comprised of lubricants, bunkers (when applicable) and stock provisions on board of the vessels, as well as petroleum products held by Navios Logistics, are valued at cost as determined on the first-in, first-out basis.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(h)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Dry Bulk Vessels, Port Terminals, Tanker Vessels, Barges, Pushboats and Other Fixed Assets, net:</font><font style="font-family:'Times New Roman'"> Dry bulk vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets acquired as parts of business combinations are recorded at fair value on the date of acquisition, and if acquired as an asset acquisition, are recorded at cost (including transaction costs). Vessels constructed by the company would be stated at historical cost, which consists of the contract price, capitalized interest and any material expenses incurred upon acquisition (improvements and delivery expenses). Subsequent expenditures for ballast water treatment system, major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capability or improve the efficiency or safety of the vessels. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the accompanying consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:0pt; margin-bottom:0pt; widows:0; orphans:0; font-size:6pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Expenditures for routine maintenance and repairs are expensed as incurred. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Depreciation is computed using the straight-line method over the useful life of the vessels, port terminals, tanker vessels, barges, pushboats and other fixed assets, after considering the estimated residual value. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Annual</font><font style="font-family:'Times New Roman'"> depreciation rates used, which approximate the useful life of the assets are: </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td style="width:269.4pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Dry bulk vessels</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">25</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminals</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">to</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">49</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Tanker vessels, barges and pushboats</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">15</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">to</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">45</font><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Furniture, fixtures and equipment</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">3 to 10 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Computer equipment and software</font></p></td><td style="width:16.1pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">5 years</font></p></td></tr><tr style="height:12.4pt"><td style="width:269.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Leasehold improvements</font></p></td><td style="width:16.1pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:124.9pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">shorter of lease term or 6 years</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Management estimates the residual values of the Company&#8217;s dry bulk vessels based on a scrap value cost of steel times the weight of the ship noted in lightweight tons (&#8220;LWT&#8221;). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revisions of residual values affect the depreciable amount of the vessels and the depreciation expense in the period of the revision and future periods. Management estimates the residual values of the Company&#8217;s vessels based on a scrap rate of $340 per LWT after considering current market trends for scrap rates and ten-year average historical scrap rates of the residual values of the Company&#8217;s vessels.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Management estimates the useful life of its dry bulk vessels to be 25 years from the vessel&#8217;s original construction. However, when regulations place limitations on the ability of a vessel to trade on a worldwide basis, its useful life is re-estimated to end at the date such regulations become effective. An increase in the useful life of a vessel or in its residual value would have the effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation charge. </font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Deposits for Vessels, Port Terminals and Other Fixed Assets:</font><font style="font-family:'Times New Roman'"> This represents amounts paid by the Company in accordance with the terms of the purchase agreements for the construction of vessels, port terminals and other long-lived fixed assets. Deposits for vessels, port terminals and other fixed assets also include pre-delivery expenses. Pre-delivery expenses represent any direct costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. Capitalized interest for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 amounted to $986, $1,960 and $2,879, respectively.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">(j)</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; font-style:italic">Assets Held for Sale</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'; font-size:10pt">It is the Company&#8217;s policy to dispose of vessels and other fixed assets when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies assets and disposal groups as being held for sale when the following criteria are met: management has committed to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. No assets were classified as held for sale in any of the periods presented.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(k)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Impairment of Long Lived Assets:</font><font style="font-family:'Times New Roman'"> Vessels, other fixed assets and other long-lived assets held and used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular asset may not be fully recoverable. Navios Holdings&#8217; management evaluates the carrying amounts and periods over which long-lived assets are depreciated to determine if events or changes in circumstances have occurred that would require modification to their carrying values or useful lives. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value. Navios Holdings determines the fair value of its assets on the basis of management estimates and assumptions by making use of available market data and taking into consideration third party valuations performed on an individual vessel basis. In evaluating useful lives and carrying values of long-lived assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Undiscounted</font><font style="font-family:'Times New Roman'"> projected net operating cash flows are determined for each asset group and compared to the carrying value of the vessel, the unamortized portion of deferred drydock and special survey costs, the unamortized portion of ballast water treatment system and the unamortized portion of other capitalized items, if any related to the vessel or the carrying value of deposits for newbuildings. The loss recognized either on impairment (or on disposition) will reflect the excess of carrying value over fair value (selling price) for the vessel asset group. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During</font><font style="font-family:'Times New Roman'"> the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; long-lived assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management&#8217;s expectation for future revenues. As a result, an impairment assessment of long-lived assets (step one) was performed. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company determined undiscounted projected net operating cash flows for each vessel and compared it to the vessel&#8217;s </font><font style="font-family:'Times New Roman'">carrying</font><font style="font-family:'Times New Roman'"> value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to the vessel. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and 10-year average historical one-year time charter rates) over the remaining economic life of each vessel, net of brokerage and address commissions excluding days of scheduled off-hires, management fees for vessel operating expenses fixed until 2021 and thereafter assuming an annual increase of 3.0% every second year and a utilization rate of 99.3% based on the fleet&#8217;s historical performance. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment. In step two of the impairment assessment, the Company determined the fair value of its vessels through a combination of a discounted cash flow analysis utilizing market participant assumptions from available market data and third-party valuations performed on an individual vessel basis. The significant factors and assumptions used by management in determining fair value of vessels includes those in developing the projected net operating cash flows over the remaining economic life of each vessel and the discount rate.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">We have evaluated the impact of current economic situation due to COVID-19 pandemic on the recoverability of the carrying amount of our vessels. As </font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'"> December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, our assessment concluded that step two of the impairment analysis was required for two of our dry bulk vessels held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the </font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'"> recorded an impairment loss of $52,820 for these vessels, being the difference between the fair value and the vessel&#8217;s carrying value together with the carrying value of deferred drydock and special survey costs, ballast water treatment system costs and other capitalized items, if any, related to these vessels, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As </font><font style="font-family:'Times New Roman'">of</font><font style="font-family:'Times New Roman'"> December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, the </font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'"> recorded an impairment loss of $84,584 for two dry bulk vessels, being the difference between the fair value and the vessel&#8217;s carrying value together with the carrying value of deferred drydock and special survey costs and ballast water treatment system costs related to these vessels, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018, the Company recorded an impairment loss of $179,186 for four dry bulk vessels, being the difference between the fair value and the vessel&#8217;s carrying value together with the carrying value of deferred drydock and special survey costs related to these vessels, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(l)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Deferred Drydock and Special Survey Costs:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s vessels, barges and pushboats are subject to regularly scheduled drydocking and special surveys which are carried out every 30 and 60 months, respectively, for ocean-going vessels, and up to every 72 to 96 months for pushboats and barges, to coincide with the renewal of the related certificates issued by the classification societies, unless a further extension is obtained in rare cases and under certain conditions. The costs of drydocking and special surveys are deferred and amortized over the above periods or to the next drydocking or special survey date if such date has been determined. Unamortized drydocking or special survey costs of vessels, barges and pushboats sold are written-off to income in the year the vessel, barge or pushboat is sold.</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Costs capitalized as part of the drydocking or special survey consist principally of the actual costs incurred at the yard, and expenses relating to spare parts, paints, lubricants and services incurred solely during the drydocking or special survey period. For each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, the amortization of deferred drydock and special survey costs from continuing operations was $10,255, $11,067 and $13,828, respectively. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(m)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Deferred Financing Costs:</font><font style="font-family:'Times New Roman'"> Deferred financing costs include fees, commissions and legal expenses associated with obtaining or modifying loan facilities. Deferred financing costs are presented as a deduction from the corresponding liability. These costs are amortized over the life of the related debt using the effective interest rate method, and are included in interest expense. Amortization and write-off of deferred financing costs from continuing operations for each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 were $7,863, $7,746 and $7,866, respectively. See also Note 18</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(n)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Goodwill and Other Intangibles</font></p><p style="margin-top:13.2pt; margin-left:9pt; margin-bottom:12pt; text-indent:-4.5pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(i) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Goodwill</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">: </font><font style="font-family:'Times New Roman'">Goodwill is tested for impairment at the reporting unit level at least annually.</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company evaluates impairment of goodwill using a single step process following the adoption of ASU 2017-04, &#8220;Intangibles-Goodwill and Other (Topic 350)&#8221; as of January 1, 2020. The aggregate fair value of the reporting unit is compared to its carrying amount, including goodwill. The Company determines the fair value of the reporting unit based on a combination of the income approach (i.e. discounted cash flows) and market approach (i.e. comparative market multiples) and believes that the combination of these two approaches is the best indicator of fair value for its individual reporting units. Goodwill impairment loss is measured as the amount by which a reporting unit&#8217;s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the Company performed its impairments test for its reporting units within the Dry Bulk Vessel Operations and the Logistics Business. The Company additionally considered that its market capitalization continued to remain at a level well below the carrying amount. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, the Company performed the impairment test for the Dry Bulk Vessel Operations reporting unit, which had a negative carrying amount of $144,919, and for which goodwill allocated is $56,240. The impairment test revealed that the fair value of the Dry Bulk Vessel Operations reporting unit exceeded its carrying amount. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of the Dry Bulk Vessel Operations reporting unit was estimated using a combination of income and market approaches. For the income approach, the expected present value of future cash flows used judgments and assumptions that management believes were appropriate in the circumstances. The significant factors and assumptions the Company used in its discounted cash flow analysis included: EBITDA, the discount rate used to calculate the present value of future cash flows and future capital expenditures. EBITDA assumptions included revenue assumptions, general and administrative expense growth assumptions and direct vessel expense growth assumptions. The future cash flows were determined by considering the charter revenues from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates), which the Company believes is an objective approach for forecasting charter rates over an extended time period for long-lived assets and consistent with the cyclicality of the industry. In addition, a weighted average cost of capital (&#8220;WACC&#8221;) was used to discount future estimated cash flows to their present values. The WACC was based on externally observable data considering market participants&#8217; and the Company&#8217;s cost of equity and debt, optimal capital structure and risk factors specific to the Company. The market approach estimated the fair value of the Company&#8217;s business based on comparable publicly-traded companies in its industry. In assessing the fair value, the Company utilized the results of the valuations and considered the range of fair values determined under all methods which indicated that the fair value exceeded the carrying amount. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, the Company performed the impairment test for the Logistics Business, which is allocated goodwill of $104,096. The impairment test used the income method and revealed that the fair value substantially exceeded the carrying amount of its net assets. The significant factors and assumptions used by management in the discounted cash flow analysis for the Logistics Business includes a combination of revenues from existing contracts and estimated revenues based on the historical performance of the segment, including utilization rates and actual storage capacity. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">No impairment loss was recognized for any of the periods presented for both the Dry Bulk Vessel Operations and the Logistics Business. </font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:12pt; text-indent:-18pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ii) </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Intangibles</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> Other Than Goodwill:</font><font style="font-family:'Times New Roman'"> Navios Holdings&#8217; intangible assets and liabilities consist of trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms. The fair value of the trade name was determined based on the &#8220;relief from royalty&#8221; method which values the trade name based on the estimated amount that a</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">company would have to pay in an arm&#8217;s length transaction to use that trade name. The asset is being amortized under the straight-line method over 32</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years. Navios Logistics&#8217; trade name is being amortized under the straight-line method over 10</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">years and was fully amortized as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of customer relationships of Navios Logistics was determined based on the &#8220;excess earnings&#8221; method, which relies upon the future cash flow generating ability of the asset. The asset is amortized under the straight-line method. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company reviews its other intangibles such as trade name, customer relationships, port terminal operating rights, favorable lease terms and unfavorable lease terms periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. </font><a name="_Hlk65774361_1"><font style="font-family:'Times New Roman'">Intangibles other than goodwill would be considered impaired if their carrying value is not recovered from the future undiscounted cash flows associated with the asset (step one). Measurement of the impairment loss is determined as the difference between the carrying amount and the fair value of the intangible asset. The Company determines the fair value of its intangible assets based on management estimates and assumptions by making use of available market data. </font></a><font style="font-family:'Times New Roman'">In evaluating carrying values of intangible assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The significant factors and assumptions the Company used in the undiscounted cash flow analysis of its trade name included: revenue assumptions, specifically the future cash flows were determined by considering the charter revenues of the Dry Bulk Vessel Operations from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on a combination of one-year average historical time charter rates and the 10-year average historical one-year time charter rates) and the respective &#8220;relief from royalty&#8221; rate applied to the future cash flows of the Dry Bulk Vessel Operations.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being the difference between the assumed charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company&#8217;s vessels and the Company&#8217;s weighted average cost of capital. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company&#8217;s financial position and results of operations. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the lease term and the amortization expense is included in the consolidated statements of comprehensive (loss)/income within the caption &#8220;Depreciation and amortization&#8221;. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The amortizable value of favorable leases would be considered impaired if its carrying value could not be recovered from the future undiscounted cash flows associated with the asset. Vessel purchase options that have not been exercised, which are included in favorable lease terms, would be considered impaired if the carrying value of an option, when added to the option price of the vessel, exceeded the fair value of the vessel. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Vessel purchase options that are included in favorable leases are not amortized and when the purchase option is exercised, the asset is capitalized as part of the cost of the vessel and depreciated over the remaining useful life of the vessel and if not exercised, the intangible asset is written off. Vessel purchase options that are included in unfavorable lease terms are not amortized and when the purchase option is exercised by the charterer and the underlying vessel is sold, it will be recorded as part of gain/loss on sale of the assets. If the option is not exercised at the expiration date, it is written-off in the consolidated statements of comprehensive (loss)/income.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">No favorable and unfavorable lease terms have been identified for the years ended December 31, 2020 and 2019. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; trade name might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management&#8217;s expectation for future revenues. As a result, an impairment assessment for trade name (step one) was performed. No such circumstances indicated that potential impairment of the Company&#8217;s other intangible assets such as </font><font style="font-family:'Times New Roman'">port terminal operating rights and customer relationships</font><font style="font-family:'Times New Roman'"> exist. For the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, there were no impairment losses recognized for the Company&#8217;s intangible assets. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The</font><font style="font-family:'Times New Roman'"> weighted average amortization periods for intangibles are: </font></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:12.15pt"><td style="width:316.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; border-bottom-style:solid; border-bottom-width:0.75pt; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Intangible assets</font></p></td><td style="width:24.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td colspan="2" style="width:21.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Years</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:8pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Trade name</font></p></td><td style="width:24.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">32</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top; background-color:#cceeff"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Port terminal operating rights</font></p></td><td style="width:24.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">47</font></p></td><td style="width:4.55pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="width:316.75pt; vertical-align:top"><p style="margin-top:0pt; margin-left:8.8pt; margin-bottom:8pt; text-indent:-8.8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">Customer relationships</font></p></td><td style="width:24.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.45pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:11pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">20</font></p></td><td style="width:4.55pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; widows:0; orphans:0; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">See also Note 3 and Note 8. </font></p></div> <div class="Section1"><p style="margin-top:6pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(o)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Foreign Currency Translation:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s functional and reporting currency is the U.S. dollar. The Company engages in worldwide commerce with a variety of entities. Although its operations may expose it to certain levels of foreign currency risk, its transactions are predominantly U.S. dollar denominated. The Company&#8217;s subsidiaries in Uruguay, Argentina, Brazil and Paraguay transact a nominal amount of their operations in Uruguayan pesos, Argentinean pesos, Brazilian reales and Paraguayan guaranies, whereas the Company&#8217;s wholly-owned vessel subsidiaries and the vessel management subsidiaries transact a nominal amount of their operations in Euros; however, all of the subsidiaries&#8217; primary cash flows are U.S. dollar denominated. The financial statements of the foreign operations are translated using the exchange rate at the balance sheet date except for property and equipment and equity, which are translated at historical rates. Transactions in currencies other than the functional currency are translated at the exchange rate in effect at the date of each transaction. Differences in exchange rates during the period between the date a transaction denominated in a foreign currency is consummated and the date on which it is either settled or translated, are recognized in the statements of comprehensive (loss)/income. The foreign currency gains/(losses) recognized within the captions &#8220;Other income&#8221; and &#8220;Other expense&#8221;, respectively, in the consolidated statements of comprehensive (loss)/income for each of the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, were $546, $(967) and $(1,206), respectively.</font></p></div> <div class="Section1"><p style="margin-top:6pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(p)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Provisions:</font><font style="font-family:'Times New Roman'"> The Company, in the ordinary course of business, is subject to various claims, suits and complaints. Management, in consultation with internal and external advisers, will provide for a contingent loss in the financial statements if the contingency had occurred at the date of the financial statements and the likelihood of loss was probable and the amount can be reasonably estimated. If the Company has determined that the reasonable estimate of the loss is a range and there is no best estimate within the range, the Company will provide for the lower amount within the range. See also Note 14.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">Company</font><font style="font-family:'Times New Roman'"> participates in Protection and Indemnity (&#8220;P&amp;I&#8221;) insurance plans provided by mutual insurance associations known as P&amp;I clubs. Under the terms of these plans, participants may be required to pay additional premiums (supplementary calls) to fund operating deficits incurred by the clubs (&#8220;back calls&#8221;). Obligations for back calls are accrued annually based on information provided by the P&amp;I clubs. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Provision for losses subject to claims was</font><font style="font-family:'Times New Roman'"> provided for in the period in which estimated losses on vessels under time charter losses were determined. As of both December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019, the balance for this provision was $0.</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(q)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Segment Reporting:</font><font style="font-family:'Times New Roman'"> Operating segments, as defined, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Based on the Company&#8217;s methods of internal reporting and management structure, the Company through August 30, 2019 had three reportable segments: the Dry Bulk Vessel Operations segment, the Logistics Business segment and the Containers Business segment.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">Following the reclassification of the results of Navios Containers as discontinued operations (Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(s)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Employee benefits:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Pension and Retirement Obligations-Crew:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s ship-owning subsidiaries employed the crew on board under short-term contracts (usually up to nine months) and, accordingly, were not liable for any pension or post-retirement benefits. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, Navios Holdings does not employ any crew. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Provision for Employees&#8217; Severance and Retirement Compensation:</font><font style="font-family:'Times New Roman'"> The employees in the Company&#8217;s office in Greece were protected by Greek labor law. According to the law, the Company was required to pay retirement indemnities to employees upon dismissal or upon leaving with an entitlement to a full security retirement pension. The amount of compensation was based on the number of years of service and the amount of remuneration at the date of dismissal or retirement up to a maximum of two years&#8217; salary. If the employees remained in the employment of the Company until normal retirement age, they were entitled to retirement compensation which was equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that would remain with the Company until retirement age was not known. The Company considered this plan equivalent to a lump sum defined benefit pension plan and accounted for it under relevant guidance on employer&#8217;s accounting for pensions. The Company was required to annually value the statutory terminations indemnities liability. Management obtained a valuation from independent actuaries to assist in the calculation of the benefits. The Company provided, in full, for the employees&#8217; termination indemnities liability. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, this liability amounted to $0 as at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020 and 2019. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">U.S. Retirement Savings Plan:</font><font style="font-family:'Times New Roman'"> The Company sponsored a 401(k) retirement savings plan, which was categorized as a defined contribution plan. The plan was available to full time employees who met the plan&#8217;s eligibility requirements. The plan permitted employees to make contributions up to 15% of their annual salary with the Company matching up to the first 6%. The Company made monthly contributions (matching contributions) to the plan based on amounts contributed by employees. Subsequent to making the matching contributions, the Company had no further obligations. The Company might make an additional discretionary contribution annually if such a contribution was authorized by the Board of Directors. The plan was administered by an independent professional firm that specialized in providing such services. See also Note 13. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these benefits are provided by NSM. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Other Post-Retirement Obligations:</font><font style="font-family:'Times New Roman'"> The Company had a legacy pension arrangement for certain Bahamian, Uruguayan and former Navios Corporation employees. The entitlement to these benefits was only to these former employees. The expected costs of these benefits were accrued each year, using an accounting methodology similar to that for defined benefit pension plans. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, the Company has no such arrangements. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Stock-Based Compensation:</font><font style="font-family:'Times New Roman'"> In December 2020, February and December 2019, the Company authorized the grant of restricted common stock. In December 2017, the Company authorized the grant of restricted common stock and restricted stock units. These awards of restricted share units, share appreciation rights, restricted common stock, restricted stock units and stock options are based on service conditions only and vest over three and four years. See also Note 13. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The fair value of share appreciation rights and stock option grants is determined with reference to option pricing model and principally adjusted Black-Scholes models. The fair value of restricted share units, restricted stock and restricted stock units is determined by reference to the quoted stock price on the date of grant. Compensation expense, net of estimated forfeitures, is recognized based on a graded expense model over the vesting period. Compensation expense for the awards that vest upon achievement of the performance criteria is recognized when it is probable that the performance criteria will be met and are being accounted for as equity. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(t)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Financial Instruments:</font><font style="font-family:'Times New Roman'"> Financial instruments carried on the balance sheet include cash and cash equivalents, restricted cash, account receivables and payables, other current assets and other liabilities, long-term debt, capital leases and available-for-sale securities. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item, or included below as applicable.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial Risk Management:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s activities expose it to a variety of financial risks including fluctuations in future freight rates, time charter hire rates, fuel </font><font style="font-family:'Times New Roman'">prices</font><font style="font-family:'Times New Roman'"> and credit and interest rates risk. Risk management is carried out under policies approved by executive management. Guidelines are established for overall risk management, as well as specific areas of operations. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Credit Risk:</font><font style="font-family:'Times New Roman'"> The Company closely monitors its exposure to customers and counterparties for credit risk. The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager agreed to provide commercial and technical management services to Navios Holdings. When negotiating on behalf of Navios Holdings various employment contracts, the Manager has policies in place to ensure that it trades with customers and counterparties with an appropriate credit history. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liquidity Risk:</font><font style="font-family:'Times New Roman'"> Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Company monitors cash balances appropriately to meet working capital needs. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Foreign Exchange Risk:</font><font style="font-family:'Times New Roman'"> Foreign </font><font style="font-family:'Times New Roman'">currency</font><font style="font-family:'Times New Roman'"> transactions are translated into the measurement currency at rates prevailing on the dates of the relevant transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(u)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(Loss)/Earnings Per Share:</font><font style="font-family:'Times New Roman'"> Basic (loss)/earnings per share are computed by dividing net (loss)/income attributable to Navios Holdings common stockholders by the weighted average number of shares of common stock outstanding during the periods presented. Net (loss)/income attributable to Navios Holdings common stockholders is calculated by adding to (if a discount) or deducting from (if a premium) net (loss)/ income attributable to Navios Holdings common stockholders the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred stock, including the unamortized issuance costs of the preferred stock, and the amount of any undeclared dividend cancelled. Diluted (loss)/earnings per share reflect the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted. Dilution has been computed by the treasury stock method whereby all of the Company&#8217;s dilutive securities (stock options and warrants) are assumed to be exercised and the proceeds are used to repurchase common shares at the weighted average market price of the Company&#8217;s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted (loss)/earnings per share computation. Restricted share units, restricted stock and restricted stock units (vested and unvested) are included in the calculation of the diluted (loss)/earnings per share, based on the weighted average number of restricted share units, restricted stock and restricted stock units assumed to be outstanding during the period. Convertible shares are included in the calculation of the diluted (loss)/earnings per share, based on the weighted average number of convertible shares assumed to be outstanding during the period. See also Note 20.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(v)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Income Taxes:</font><font style="font-family:'Times New Roman'"> The Company is a Marshall Islands corporation. Pursuant to various treaties and the United States Internal Revenue Code, the Company believes that substantially all its operations are exempt from income taxes in the Marshall Islands and the United States of America. The tax expense reflected in the Company&#8217;s consolidated financial statements for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018 was mainly attributable to its subsidiaries in South America, which are subject to the Argentinean and Paraguayan income tax regimes.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-0.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The asset and liability method is used to account for future income taxes. Under this method, future income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts and the tax bases of assets and liabilities. Future income tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on future income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax asset is recognized for temporary differences that will result in deductible amounts in future years. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">23, 2019, the Argentine government enacted the Law 27,541 which made changes to the income tax law in Argentina. The new law modifies the rates for income taxes applicable for the fiscal years beginning on January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2020 and 2021. In measuring its income tax assets and liabilities, the Company used the rate that is expected to be enacted at the time of the reversal of the asset or liability in the calculation of the deferred tax for the items related to Argentina. An income tax rate of 30% was applied on temporary differences, reversals of which are expected to occur in respect of the 2020 and 2021 fiscal years, and a rate of 25% on temporary differences remaining thereafter. Due to these changes in the rate of the income tax, the Company has recorded an income tax expense $0 and $208 during the years ended December 31, 2020 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2019, respectively, within the caption &#8220;Income tax (expense)/ benefit&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(w)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Dividends:</font><font style="font-family:'Times New Roman'"> Dividends are recorded in the Company&#8217;s financial statements in the period in which they are declared. Navios Holdings paid $0 to its common stockholders during each year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018, and $0 to its preferred stockholders during each year ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018. In November 2015, Navios Holdings announced that the Board of Directors decided to suspend the dividend to its common stockholders. In February 2016, Navios Holdings announced the suspension of payment of quarterly dividends on its preferred stock, including the Series G Cumulative Redeemable Perpetual Preferred Stock (the &#8220;Series G&#8221;) and Series H Cumulative Redeemable Perpetual Preferred Stock (the &#8220;Series H&#8221;). All inter-company dividends are eliminated upon consolidation.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(x)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Guarantees:</font><font style="font-family:'Times New Roman'"> A liability for the fair value of an obligation undertaken in issuing the guarantee is recognized. The recognition of fair value is not required for certain guarantees such as the parent&#8217;s guarantee of a subsidiary&#8217;s debt to a third party or guarantees on product warranties. For those guarantees excluded from the above guidance requiring the fair value recognition provision of the liability, financial statement disclosures of their terms are made.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On November</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2012, the Company agreed to provide Navios Partners with guarantees against counterparty default on certain existing charters (see also Note 16). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(y)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Leases:</font><font style="font-family:'Times New Roman'"> Vessel leases where Navios Holdings is regarded as the lessor are classified as either finance leases or operating leases based on an assessment of the terms of the lease.</font></p><p style="margin-top:13.2pt; margin-left:22.5pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">For </font><font style="font-family:'Times New Roman'">charters</font><font style="font-family:'Times New Roman'"> classified as finance leases the minimum lease payments are recorded as the gross investment in the lease. The difference between the gross investment in the lease and the sum of the present values of the two components of the gross investment is recorded as unearned income which is amortized to income over the lease term as finance lease interest income to produce a constant periodic rate of return on the net investment in the lease. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">For charters classified as operating leases where Navios Holdings is regarded as the lessor, refer to Note 2(r). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In cases of lease agreements where the Company acts as the lessee, the Company recognizes an operating lease asset and a corresponding lease liability on the consolidated balance sheet. For charters classified as operating leases where Navios Holdings is regarded as the lessee, the expense is recognized on a straight-line basis over the rental periods of such charter agreements. The expense is included within the caption &#8220;Time charter, voyage and logistics business expenses&#8221;. In the transition to ASC 842, the operating leases assets were adjusted for the carrying amount of the straight-line liabilities on that date. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In cases of sale and leaseback agreements, if the transfer of the asset to the lessor does not qualify as a sale, then the agreement </font><font style="font-family:'Times New Roman'">constitutes</font><font style="font-family:'Times New Roman'"> a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the buyer, and the buyer would need to obtain substantially all the benefits from the use of the asset.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Impairment of operating lease assets</font><font style="font-family:'Times New Roman'; font-weight:bold">: </font><font style="font-family:'Times New Roman'">Operating lease assets used by Navios Holdings are reviewed periodically for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. Measurement of the impairment loss is determined as the difference between the carrying value and the fair value of the asset group. Navios Holdings determines the fair value of its assets based on management estimates and assumptions by making use of available market data. In evaluating carrying values of operating lease assets, certain indicators of potential impairment are reviewed, such as undiscounted projected operating cash flows, business plans and overall market conditions. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Undiscounted projected net operating cash flows are determined for each asset group and compared to the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest (asset group). If the step two of the impairment analysis is required, the analysis includes the use of discounted cash flows which includes various assumptions, including the Company&#8217;s WACC.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">During the fourth quarter of fiscal year 2020, management concluded that events occurred and circumstances had changed, which indicated that potential impairment of Navios Holdings&#8217; operating lease assets might exist. These indicators included continued volatility in the spot market, and the related impact of the current dry bulk sector has on management&#8217;s expectation for future revenues. As a result, an impairment assessment of operating lease assets (step one) was performed. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company determined undiscounted projected net operating cash flows for each charter-in and bareboat chartered-in vessel and compared it to operating lease asset&#8217;s carrying value together with the carrying value of deposits for the option to acquire a vessel including expenses and interest. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis included: determining the projected net operating cash flows by considering the charter revenues from existing time charters for the fixed fleet days (the Company&#8217;s remaining charter agreement rates) and an estimated daily time charter equivalent for the unfixed days (based on three-year average historical time charter rates) over the remaining lease term, net of brokerage and address commissions excluding days of scheduled off-hires (for the bareboat chartered-in vessels), management fees for vessel operating expenses in accordance with the terms of management agreement (assuming an annual increase of 3.0% every second year for the bareboat chartered-in vessels). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2020, our assessment concluded that step two of the impairment analysis was required for two asset groups, which involves a discounted cash flow analysis using the Company&#8217;s WACC. The WACC is based on externally observable data considering market participants&#8217; and the Company&#8217;s cost of equity and debt, optimal capital structure and risk factors specific to the Company. As a result, the Company recorded an impairment loss of $1,361, being the difference between the fair value of the operating lease asset and its carrying value, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. Where the undiscounted projected net operating cash flows for each asset group do not exceed the carrying value of the operating lease asset and the carrying value of deposits for the option to acquire a vessel including expenses and interest, management proceeds to perform step two of the impairment assessment.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As of December 31, 2019, our assessment concluded that step two of the impairment analysis was required for certain charter-in vessels, which involves a discounted cash flow analysis using the Company&#8217;s WACC. As a result, the Company recorded an impairment loss of $38,636, being the difference between the fair value of the operating lease asset and its carrying value, presented within the caption &#8220;Impairment loss/ loss on sale of vessels, net&#8221; in the consolidated statements of comprehensive (loss)/income. </font></p><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(z)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Treasury Stock:</font><font style="font-family:'Times New Roman'"> Treasury stock is accounted for using the cost method. Excess of the purchase price of the treasury stock acquired, plus direct acquisition costs over its par value is recorded in additional paid-in capital.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:21.3pt; margin-bottom:0pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(aa)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Trade Accounts Receivable:</font><font style="font-family:'Times New Roman'"> The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of an allowance for credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for credit losses.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On January 1, 2020, the Company adopted Topic 326 &quot;Financial Instruments - Credit Losses&quot;. </font><font style="font-family:'Times New Roman'">Measurement of Credit Losses on Financial Instruments&#8221; using the modified retrospective approach</font><font style="font-family:'Times New Roman'">. </font><font style="font-family:'Times New Roman'">This standard amends the accounting for credit losses on available-for-sale debt securities, purchased financial assets with credit deterioration and clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 &#8220;Leases&#8221;. In addition, this standard requires the measurement of all expected credit losses for financial assets, including trade accounts receivable, held at the reporting date based on historical experience, current conditions, and current expectations of future economic conditions based on reasonable and supportable forecasts. This new guidance did not have a material impact on the Company&#8217;s consolidated financial statements, as the majority of its Accounts receivable, net relates to receivables arising from operating leases and are scoped out of the new standard. As a result of the adoption of this standard, there was no cumulative impact to the Company&#8217;s accumulated deficit at January 1, 2020.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ab)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Convertible Preferred Stock:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s 2% Mandatorily Convertible Preferred Stock (&#8220;Preferred Stock&#8221;) is recorded at fair market value on the date of issuance. The fair market value is determined using a binomial valuation model. The model which is used takes into account the credit spread of the Company, the volatility of its stock, as well as the price of its stock at the issuance date. Each preferred share has a par value of $0.0001. Each holder of Preferred Stock is entitled to receive an annual dividend equal to 2.0% on the nominal value of the Preferred Stock, payable quarterly, until such time as the Preferred Stock converts into common stock. Five years after the issuance date, 30.0% of the then-outstanding shares of Preferred Stock shall automatically convert into shares of common stock at a conversion price equal to $10.00 per share of common stock with the remaining balance of the then-outstanding shares of Preferred Stock being converted into shares of common stock under the same terms 10 years after their issuance date. At any time following the third anniversary from their issuance date, if the closing price of the common stock has been at least $20.00 per share, for 10 consecutive business days, the remaining balance of the then-outstanding preferred shares shall automatically convert at a conversion price equal to $14.00 per share of common stock. The holders of Preferred Stock are entitled, at their option, at any time following their issuance date and prior to their final conversion date, to convert all or any such then-outstanding preferred shares into common stock at a conversion price equal to $14.00 per common stock. See also Note 17.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ac) Cumulative Redeemable Perpetual Preferred Stock:</font><font style="font-family:'Times New Roman'"> The Company&#8217;s 2,000,000 American Depositary Shares, Series G and the 4,800,000 American Depositary Shares, Series H are recorded at fair market value on issuance. Each of the shares represents 1/100th of a share of the Series G, with a liquidation preference of $2,500.00 per share ($25.00 per American Depositary Share). Dividends are payable quarterly in arrears on the Series G at a rate of 8.75% per annum and on the Series H at a rate of 8.625% per annum of the stated liquidation preference. At any time on or after January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2019, the Series G may be redeemed at the Company&#8217;s option and at any time on or after July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">8, 2019, the Series H may be redeemed at the Company&#8217;s option (and the American Depositary Shares can be caused to be redeemed), in whole or in part, out of amounts legally available therefore, at a redemption price of $2,500.00 per share (equivalent to $25.00 per American Depositary Share) plus an amount equal to all accumulated and unpaid dividends thereon to the date of redemption, whether or not declared. The Company has accounted for these shares as equity. See also Note 17.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ad)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investment in Available-for-Sale Securities:</font><font style="font-family:'Times New Roman'"> The Company classifies its existing marketable equity securities as available-for-sale. These securities are carried at fair value, with unrealized gains and losses reflected directly in the consolidated statements of comprehensive (loss)/income at each reporting period. Management evaluates securities for other-than-temporary impairment (&#8220;OTTI&#8221;) on a quarterly basis. Consideration is given to (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the length of time and the extent to which the fair value has been less than cost, (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the financial condition and near-term prospects of the investee, and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the intent and ability of the Company to retain its investment in the investee for a period of time sufficient to allow for any anticipated recovery in fair value.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Investment in Equity Securities:</font><font style="font-family:'Times New Roman'"> Navios Holdings evaluates its investments in Navios Acquisition, Navios Partners and Navios Containers (following the deconsolidation) and evaluated Navios Europe I, Navios Europe II (through their liquidation in December 2019 and June 2020, respectively) for OTTI on a quarterly basis. Consideration is given to (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the length of time and the extent to which the fair value has been less than the carrying value, (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the financial condition and near-term prospects of Navios Partners, Navios Acquisition and Navios Containers, and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">the intent and ability of the Company to retain its </font><font style="font-family:'Times New Roman'">investment</font><font style="font-family:'Times New Roman'"> in Navios Acquisition, Navios Partners and Navios Containers, for a period of time sufficient to allow for any anticipated recovery in fair value. If the Company considers any decline to be &#8220;other-than-temporary&#8221;, then the Company would write down the carrying amount of the investment to its estimated fair value.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(ae)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Financial Instruments and Fair Value:</font><font style="font-family:'Times New Roman'"> Guidance on Fair Value Measurements provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements).</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">A </font><font style="font-family:'Times New Roman'">financial</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">instrument&#8217;s</font><font style="font-family:'Times New Roman'"> level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs a detailed analysis of the assets and liabilities that are subject to guidance on Fair Value Measurements.</font></p><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:28.35pt; margin-bottom:12pt; text-indent:-28.35pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(af)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Recent Accounting Pronouncements:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Adoption of new accounting pronouncements:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In March 2020, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) ASU 2020-4, &#8220;Reference Rate Reform (Topic 848)&#8221; (&#8220;ASU 2020-4&#8221;), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. As of December 31, 2020, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In October 2018, FASB issued ASU 2018-17, Consolidation (Topic 810): &#8220;Targeted Improvements to Related Party Guidance for Variable Interest Entities&#8221; (&#8220;ASU 2018-17&#8221;). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For public business entities the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2018, FASB issued ASU 2018-13, &#8220;Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement&#8221;. This update modifies the disclosure requirements on fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and earlier adoption is permitted. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">In January 2017, FASB issued ASU 2017-04, &#8220;Intangibles-Goodwill and Other (Topic 350)&#8221;. This update addresses concerns expressed about the cost and complexity of the goodwill impairment test and simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. The amendments in this ASU are required for public business entities and other entities that have goodwill reported in their financial statements and have not elected the private company alternative for the subsequent measurement of goodwill. The amendments are effective for public business entities that are SEC filers for fiscal years beginning after December 15, 2019. Early adoption is permitted for all entities. The adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">See also Note 2(n).</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In June 2016, FASB issued ASU No. 2016-13, &#8220;Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; This standard requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timelier manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU on January 1, 2020 did not have a material impact on the Company&#8217;s consolidated financial statements. See also Note 2(aa).</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Recently Issued Accounting Pronouncements Pending Adoption</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In </font><font style="font-family:'Times New Roman'">December</font><font style="font-family:'Times New Roman'"> 2019, FASB issued ASU 2019-12, Income Taxes (Topic 740), which </font><font style="font-family:'Times New Roman'">modifies</font><font style="font-family:'Times New Roman'"> ASC 740 to simplify the accounting for income taxes. It removes certain exceptions to the general principles in Topic 740 and amends existing guidance to improve consistent application. The amendments in ASU 2019-12 are effective for public business entities for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2020, including interim periods therein. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company&#8217;s disclosures to the consolidated financial statements.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In August 2018, FASB issued ASU 2018-14, &#8220;Compensation-Retirement Benefits-Defined Benefit Plans (Topic 715-20): </font><font style="font-family:'Times New Roman'">Disclosure</font><font style="font-family:'Times New Roman'"> Framework-Changes to the Disclosure Requirements for Defined Benefit Plans&#8221;. This update modifies the disclosure requirements for defined benefit pension plans and other postretirement plans. ASU 2018-14 is effective for public business entities that are SEC filers beginning in the first quarter of fiscal year 2021, and earlier adoption is permitted. The Company is currently assessing the impact of that standard and believes that it will not have any material impact on the Company&#8217;s</font><font style="font-family:'Times New Roman'">&#xa0; </font><font style="font-family:'Times New Roman'">disclosures to the consolidated financial statements. </font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Basis of presentation:</font><font style="font-family:'Times New Roman'"> The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Going concern</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The consolidated financial statements have been prepared on a going concern basis.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; color:#212529">As of December 31, 2020, Navios Holdings&#8217; current assets totaled $194,857, while current liabilities excluding operating lease liabilities, current portion totaled $511,367, resulting in a negative working capital position of $316,510, primarily related to the classification as current of our $305,000 of </font><font style="font-family:'Times New Roman'">11.25% Senior Secured Notes (the &#8220;2022 Senior Secured Notes&#8221;)</font><font style="font-family:'Times New Roman'; color:#212529"> and balloon payments. </font><font style="font-family:'Times New Roman'">Under the terms of the 2022 Senior Secured Notes, Navios Holdings has an obligation to make a springing maturity offer in September 2021 to repurchase those notes at par unless certain conditions relating to the refinancing of our 7.375% First Priority Ship Mortgage Notes </font><font style="font-family:'Times New Roman'">(the &#8220;2022 Notes&#8221;) </font><font style="font-family:'Times New Roman'">are met. In October 2020, Navios Holdings entered into a supplemental indenture (the &#8220;Sixth Supplemental Indenture&#8221; &#8211; see also Note 11) which, among other things, eliminates Navios Holdings&apos; obligation to make a springing maturity offer subject to the occurrence of a Qualified IPO (as defined in the Sixth Supplemental Indenture) of Navios Logistics. There can be no assurance that a Qualified IPO will occur prior to the springing maturity date, or at all. Furthermore, we had $476,822 of 2022 Notes outstanding as of December 31, 2020 maturing in January 2022. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Although Navios Holdings is currently attempting to address these upcoming maturities and create additional liquidity to fund working capital requirements through a Qualified IPO of Navios Logistics the sale of assets and refinancing plans, there can be no assurance it will be successful in such attempts or that any such attempts will be consummated on terms satisfactory to us, or at all. Therefore, there is substantial doubt about the Company&#8217;s ability to continue as a going concern for the 12-month period from the date of issuance of these consolidated financial statements. In the meantime, </font><font style="font-family:'Times New Roman'; color:#212529">Navios Holdings&#8217; internal forecasts and projections indicate that the Company will generate sufficient cash to make the required principal and interest payments on its borrowings (excluding the above upcoming maturities) and provide for the normal working capital requirements of the business for a period of at least 12 months from the date of issuance of these consolidated financial statements.</font><font style="font-family:'Times New Roman'"> The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-0.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Change in accounting principles:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">ASU 2016-02 Leases, ASC 842</font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2019, the Company adopted the requirements of Accounting Standards Update (&#8220;ASU&#8221;) 2016-02 &#8220;Leases&#8221; as amended (Accounting Standards Codification (&#8220;ASC&#8221;) 842 or the &#8220;new lease standard&#8221;). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption of ASC 842.</font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">In connection with its adoption of ASC 842, the Company elected the &#8220;package of 3&#8221; practical expedients permitted under the transition guidance based on which the Company is allowed to not (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess whether any expired or existing contracts are considered or contain leases; (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess the lease classification for any expired or existing leases; and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">reassess initial direct costs for any existing leases.</font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Additionally, the Company elected the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them as a single lease component for the purposes of the recognition and measurement requirements of ASC 842.</font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">As required by ASC 842, the Company&#8217;s disclosures around its leasing activities have been significantly expanded to enable users of our consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. Please refer to Note 15. </font></p><p style="margin-top:13.2pt; margin-left:21.3pt; margin-bottom:12pt; text-indent:-21.3pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(r)</font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">&#xa0;&#xa0;&#xa0; </font><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Revenue and Expense Recognition:</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Revenue</font><font style="font-family:'Times New Roman'; font-weight:bold"> Recognition: </font><font style="font-family:'Times New Roman'">Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers control of the promised goods or services to its customers. Revenues are recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. </font><font style="font-family:'Times New Roman'">In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Voyage revenues for the transportation of cargo are recognized ratably over the estimated relative transit time of each voyage. A voyage is deemed to commence when a vessel arrives at the loading port, as applicable under the contract, and is deemed to end upon the completion of the discharge of the current cargo. Under a voyage charter, a vessel is provided for the transportation of specific goods between specific ports in return for payment of an agreed upon freight per ton of cargo. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues</font><font style="font-family:'Times New Roman'"> are recorded net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter rate. Since address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are presented as a reduction of revenue. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenue from contracts of affreightment (&#8220;COA&#8221;)/voyage contracts relating to our barges are recognized ratably over the </font><font style="font-family:'Times New Roman'">estimated</font><font style="font-family:'Times New Roman'"> relative transit time of each voyage. A voyage is deemed to commence upon the barge&#8217;s arrival at the loading port, as applicable under the contract, and is deemed to end upon the completion of discharge under the current voyage. The percentage of transit time is based on the days traveled as of the balance sheet date divided by the total days expected for the voyage. The position of the barge at the balance sheet date is determined by the days traveled as of the balance sheet date over the total voyage of the pushboat having the barge in tow. Revenue arising from contracts that provide our customers with continuous access to convoy capacity is recognized ratably over the period of the contracts. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Demurrage income represents payments made by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The Company recognizes revenue ratably from the vessel&#8217;s/barge&#8217;s arrival at the loading port, as applicable under the contract, to when the charterer&#8217;s cargo is discharged as well as defer costs that meet the definition of &#8220;costs to fulfill a contract&#8221; and relate directly to the contract. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from time chartering and bareboat chartering of vessels and barges are accounted for as operating leases and are thus recognized on a straight line basis as the average revenue over the rental periods of such charter agreements as service is performed, except for loss generating time charters, in which case the loss is recognized in the period when such loss is </font><font style="font-family:'Times New Roman'">determined</font><font style="font-family:'Times New Roman'">. A time charter involves placing a vessel or barge at the charterer&#8217;s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Short period charters for less than three months are referred to as spot-charters. Charters extending three months to a year are generally referred to as medium-term charters. All other charters are considered long-term. Under time charters, operating costs such as for crews, maintenance and insurance are typically paid by the owner of the vessel. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company&#8217;s vessels, is </font><font style="font-family:'Times New Roman'">determined</font><font style="font-family:'Times New Roman'"> in accordance with an agreed-upon formula, which is determined by margins awarded to each vessel in the pool based on the vessel&#8217;s age, design and other performance characteristics. Revenue under pooling arrangements is accounted for on the accrual basis and is recognized in the period in which the variability is resolved. The allocation of such net revenue may be subject to future adjustments by the pool; however, such changes are not expected to be material. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from dry port terminal operations consist of an agreed flat fee per ton and cover the services performed to unload barges (or trucks), transfer the product into silos or the stockpiles for temporary storage and then loading the ocean-going vessels. Revenues are recognized upon completion of loading the ocean-going vessels. Revenue arising from contracts that provide our customers with continuous access to port terminal storage and transshipment capacity is recognized ratably over the period of the contracts. Additionally, fees are charged for vessel dockage and for storage time in excess of contractually specified terms. Dockage revenues are recognized ratably up to completion of loading as the performance obligation is met evenly over the loading period. Storage fees are assessed and recognized at the point when the product remains in the silo storage beyond the contractually agreed time allowed. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the ocean-going vessel. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Revenues from liquid port terminal consist mainly of sales of petroleum products in the Paraguayan market and revenues from liquid port </font><font style="font-family:'Times New Roman'">operations</font><font style="font-family:'Times New Roman'">. Revenues from liquid port terminal operations consist of an agreed flat fee per cubic meter or a fixed rate over a specific period to cover the services performed to unload barges, transfer the products into the tanks for temporary storage and then loading the trucks. Revenues that consist of an agreed flat fee per cubic meter are recognized upon completion of loading the trucks. Revenues from liquid port terminal operations that consist of a fixed rate over a specific period are recognized ratably over the storage period as the performance obligation is met evenly over time, ending when the product is loaded onto the trucks. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Additionally, revenues consist of an agreed flat fee per cubic meter to cover the services performed to unload barges, transfer the products </font><font style="font-family:'Times New Roman'">into</font><font style="font-family:'Times New Roman'"> the tanks for temporary storage and then loading the trucks. Revenues are recognized upon completion of loading the trucks. Additionally, fees are charged for storage time in excess of contractually specified terms. Storage fee revenue is recognized ratably over the storage period and ends when the product is loaded onto the trucks. </font></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Expenses </font><font style="font-family:'Times New Roman'">related</font><font style="font-family:'Times New Roman'"> to our revenue-generating contracts are recognized as incurred. </font></p><p style="margin-top:4.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">following</font><font style="font-family:'Times New Roman'"> tables reflect the revenue earned per category for the years ended December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2020, 2019 and 2018: </font></p><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:470.7pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2020</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">6,660</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.45pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">54,005</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">60,665</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">194,005</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">59,236</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">253,241</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">73,112</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">73,112</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,364</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,364</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,948</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">3,948</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">17,272</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">17,272</font></p></td></tr><tr style="height:7.65pt"><td style="width:166.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,606</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,606</font></p></td></tr><tr style="height:6.55pt"><td style="width:166.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:64.15pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">128</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.45pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">382</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">510</font></p></td></tr><tr style="height:13pt"><td style="width:166.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:64.15pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">200,793</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.45pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">215,925</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">416,718</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:470.45pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total </font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2019</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,727</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">49,488</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">53,215</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">250,187</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">76,680</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">326,867</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">80,180</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">80,180</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,452</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,452</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,310</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,310</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,384</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">9,384</font></p></td></tr><tr style="height:4.25pt"><td style="width:166.7pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,032</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">4,032</font></p></td></tr><tr style="height:6.2pt"><td style="width:166.7pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.55pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">264</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">745</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:63.65pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">1,009</font></p></td></tr><tr style="height:12.35pt"><td style="width:166.7pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.55pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">254,178</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">228,271</font></p></td><td style="width:10.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:63.65pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">482,449</font></p></td></tr></table></div><p style="margin-top:6.6pt; margin-left:18pt; margin-bottom:0pt; widows:0; orphans:0; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:472pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:51.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Dry Bulk Vessel Operations</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Logistics Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Containers Business</font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">&#xa0;</font></p></td><td style="width:50.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:center; line-height:108%; font-size:8pt"><font style="font-family:Arial; font-weight:bold">Total </font><br /><font style="font-family:Arial; font-weight:bold">for the</font><br /><font style="font-family:Arial; font-weight:bold">Year Ended</font><br /><font style="font-family:Arial; font-weight:bold">December 31, 2018</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">COA/Voyage revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:51.35pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">19,121</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">35,623</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.8pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">$</font></p></td><td style="width:50.9pt; border-top-style:solid; border-top-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">54,744</font></p></td></tr><tr style="height:12.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Time chartering revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">278,591</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">72,689</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">12,053</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">363,333</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Profit sharing revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">52</font><font style="font-family:Arial">)</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">(</font><font style="font-family:Arial">52</font><font style="font-family:Arial">)</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Port terminal revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">58,552</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cdeeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">58,552</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Storage fees (dry port) revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">882</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">882</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Dockage revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,136</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,136</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Sale of products revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">32,508</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; widows:0; orphans:0; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">32,508</font></p></td></tr><tr style="height:10.35pt"><td style="width:136.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Liquid port terminal revenue</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,739</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">3,739</font></p></td></tr><tr style="height:7.15pt"><td style="width:136.5pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial">Other</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:51.35pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">392</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.75pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">505</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.8pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#8212;</font><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">&#xa0;</font></p></td><td style="width:50.9pt; border-bottom-style:solid; border-bottom-width:0.75pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial">897</font></p></td></tr><tr style="height:14.3pt"><td style="width:136.5pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">Total</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:51.35pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">298,052</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.75pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">207,634</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.8pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">12,053</font></p></td><td style="width:7.05pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">$</font></p></td><td style="width:50.9pt; border-top-style:solid; border-top-width:0.75pt; border-bottom-style:double; border-bottom-width:1.5pt; padding-right:5.75pt; padding-left:5.75pt; vertical-align:bottom; background-color:#cceeff"><p style="margin-top:0pt; margin-bottom:8pt; text-align:right; line-height:108%; font-size:9pt"><font style="font-family:Arial; font-weight:bold">517,739</font></p></td></tr></table></div><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Administrative</font><font style="font-family:'Times New Roman'; font-weight:bold"> fee revenue from affiliate companies:</font><font style="font-family:'Times New Roman'"> Administrative fee revenue from affiliate companies consisted of fees earned on the provision of administrative services pursuant to administrative services agreements with our affiliate companies (Refer to Note 16). Administrative services included: bookkeeping, audit and accounting services, legal and insurance services, administrative and clerical services, banking and financial services, advisory services, client and investor relations and other general and administrative services. These revenues were recognized as the services were provided to affiliate companies. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these services are provided by N Shipmanagement Acquisition Corp. and related entities (&#8220;NSM&#8221; or the &#8220;Manager&#8221;). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">General</font><font style="font-family:'Times New Roman'; font-weight:bold"> and administrative expenses: </font><font style="font-family:'Times New Roman'">The </font><font style="font-family:'Times New Roman'">general</font><font style="font-family:'Times New Roman'"> and administrative expenses incurred on behalf of affiliate companies were determined based on a combination of actual expenses incurred on behalf of the affiliate companies as well as a reasonable allocation of expenses that are not affiliate companies specific but incurred on behalf of all affiliate companies. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these services are provided by NSM, pursuant to an administrative services agreement dated August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2019 (&#8220;Administrative Services Agreement&#8221;). The Manager is reimbursed for reasonable costs and expenses incurred in connection with the provision of these services. The term of this agreement is for an initial period of five years with an automatic extension for a period of five years thereafter unless a notice of termination is received by either party. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Administrative Services Agreement is terminated on or before August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2024 (see also Note 16). </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Deferred Income and Cash Received In Advance:</font><font style="font-family:'Times New Roman'"> Deferred voyage revenue primarily relates to cash received from charterers prior to it being earned. These amounts are recognized as revenue over the voyage or charter period. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Time Charter, Voyage and Logistics Business Expenses:</font><font style="font-family:'Times New Roman'"> Time charter, voyage and logistics business expenses comprise all expenses related to each particular voyage, including time charter hire paid and voyage freight paid, bunkers, port charges, canal tolls, cargo handling, agency fees and brokerage commissions. Also included in time charter, voyage and logistics business expenses are charterers&#8217; liability insurances, allowance for credit losses on time charters and voyages in progress at year-end, direct port terminal expenses and other miscellaneous expenses. In the transition to ASC 842, the operating lease assets were adjusted for the carrying amount of the liability regarding the allowance for credit losses on time charters and voyages in progress on that date. </font><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Direct Vessel Expenses:</font><font style="font-family:'Times New Roman'"> Direct vessel expenses consisted of all expenses relating to the operation of vessels, including crewing, repairs and maintenance, insurance, stores and lubricants and miscellaneous expenses such as communications and amortization of drydocking and special survey costs, net of related party management fees for vessel operating expenses. Following the sale of the management division effected on August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2019, outlined in Note 3, these services are provided to Navios Holdings&#8217; vessels by NSM, pursuant to a management agreement dated August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2019 (&#8220;Management Agreement&#8221;) (see also Note 16). The fee for the ship management services provided by the Manager is a daily fee of $3.7 per day per owned vessel. This rate is fixed for a two-year period and will increase thereafter by 3% annually, unless otherwise agreed. The fee for the ship management services provided by the Manager is a daily fee of $0.03 per day per charter-in vessel. Drydocking expenses under this agreement will be reimbursed by Navios Holdings at cost. The agreement also provides for payment of a termination fee, equal to the fees charged for the full calendar year preceding the termination date, by Navios Holdings in the event the Management Agreement is terminated on or before August</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">29, 2024. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Prepaid Voyage Costs:</font><font style="font-family:'Times New Roman'"> Prepaid voyage costs relate to cash paid in advance for expenses associated with voyages. These amounts are recognized as expenses over the voyage or charter period. </font></p><p style="margin-top:13.2pt; margin-left:21.6pt; margin-bottom:12pt; text-indent:-21.6pt; widows:0; orphans:0; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> The fair value of the Company’s loan receivable from/payable to affiliate companies and long-term receivable from/payable to affiliate companies is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the counterparty’s creditworthiness. The fair value of the Company’s long-term debt is estimated based on currently available debt with similar contract terms, interest rates and remaining maturities, published quoted market prices as well as taking into account the Company’s creditworthiness. Based on the net present value of the remaining charter-in and rental payments for existing operating leases.